A one bedroom garden flat in a prestigious area of north west London is due to be auctioned next month at the bargain price of £350,000.

The property, 44 Priory Road, South Hampstead, is close to the shops and restaurants of West End Lane, and while similar homes in the road are selling for more than £700,000 this one has a lifetime tenancy attached. This means the current tenant can live at the property rent free and any new owner will not be able to receive an income during their tenure.

Auction House London Director, Jamie Royston said, “This is more of a long term pension investment than a route to a quick profit. But with a property in such a prime location it could be worthwhile.”

Auction House London is going from strength to strength with its recent auction clocking up its best sales figures yet at over £17m in its recent sale on Wednesday 11 June 2014. During the auction, 58 lots sold amounting to 85% of properties listed.

Jamie Royston added, “The strong market over the first half of 2014 has been driven by people buying a home to live in, rather than demand from overseas investors, as in previous years. Auction House London offers a good range of properties and it’s clear that buyers in the last year have been more confident in parting with their money. At the same time they can enjoy a transparent efficient selling system with completion within 28 days of the auction.”