The last handful of London homes to go on the market for less than £100,000 have been sold or are under offer, research revealed last week.

Agents said a “milestone” had been reached, with flats never again likely to be valued in five figures, barring a property market collapse.

At the end of last year, just five flats were on sale for less than £100,000, four in east or south-east London and one in Barnet, although this was on a short lease. All five now have buyers and one, a second-floor repossessed flat in Barking eventually fetched £112.500.