Thelife- A lone balcony in South Kensington, London, is on the market for $63,700.
- Some potential buyers are confused since it doesn't include an apartment.
An outdoor balcony "with its own private entrance" in a wealthy London neighborhood is on the market for £50,000, or around $63,700.
But an apartment isn't included in that price, the property's listing agent told Insider.
The singular balcony is on the third floor of an apartment building on Stanhope Gardens in South Kensington, according to the advert on Rightmove where the 121-square-foot of space is listed as a "flat" with its own "private entrance."
Glenn Jacobs, managing director of Next Home Ltd, which holds the property listing, told Insider that properties in the same building are worth an average of £1.2 million, or around $1.5 million.
Jacobs told Insider that the agency has received around 220 inquiries about the balcony since it was put on the market three weeks ago. He said some people who live in the building have expressed interest, and that the space could be used to hang laundry or as an outside breakfast area.
However, he added that most of the interest has been external. Some people have been confused to discover that an apartment isn't included in the price tag, he said.
"Some people have misinterpreted the advert. Some foreign investors have not understood and are thinking it's an actual flat," Jacobs said.
Jacobs previously told the Evening Standard that potential buyers have asked if they would be able to reside on the balcony using a tent. Speaking to Insider, he said all buyers should do their "due diligence" and speak to the apartment block management about the legalities of making the balcony a home address.
The unique listing is a 'reflection' of London's property market, Jacobs says
Jacobs told Insider that purchasing the balcony would be a "creative way" for first-time buyers to get on the property ladder.
The building is located in a prestigious area; it's around a 20-minute walk from Harrods, a luxury department store in central London, according to the listing. It's also the same distance to Kensington Palace, Prince William and Kate Middleton's official London residence, according to Google Maps.
Housing prices in the capital and the rest of the UK have soared in recent months, people are "looking for more creative ways to utilize space," Jacobs said.
Robert Gardner, chief economist at Nationwide Building Society, said in a report published at the end of 2022 that the average house price in the UK increased by almost £20,000, from £255,556 (or around $325,835) to £273,751 (or around $349,033) between January and August of that year.
House prices have continued to rise in 2023, and the average property price in the UK was estimated at around £285,861, or around $364,472, according to a report published by the UK Government in July. Meanwhile, the average London property increased by 0.8% from £521,561, or around $664,990, in May 2022 to £525,629, or around $670,176, in May 2023, the report added.
Jacobs said the potential buyer should consider that they would have to make a cash purchase, as you wouldn't be able to take out a mortgage solely on a balcony. The buyer would also be subject to the same factor fees as those who own apartments in the building, he added.