Garage-sized apartment: Yours for $1.5M

A studio apartment the size of a parking space has gone on sale in London for more than five times the average U.K. house price.

Estate agency Wetherell, which is marketing the property, describes it as the "perfect pied-a-terre for the international traveler". It is situated in London's upmarket Mayfair district in a purpose-built apartment block dating from 1928, and comes with 24-hour porterage.

Upper Brook Street studio apartment
Upper Brook Street studio apartment

At just 328 square feet (30.5 square meters), it is roughly one-third the size of the average U.K. home. The asking price is a hefty £950,000 ($1.53 million)—the average U.K. house price stood at £ 186,270 in August, according to mortgage lender Halifax.

The newly-refurbished property consists of a "studio room" with space for a double bed, plus a bathroom. The kitchen is smaller than an average prison cell, but on the plus side, the apartment is right next to a Michelin-starred restaurant.

U.K. house prices have increased sharply over the past year, driven by government-funded schemes to boost lending and historically low interest rates. In addition, the reputation of the London property market as a "safe haven" has seen it attract foreign buyers, particularly at the higher end of the market, which has exacerbated a housing shortage.

UK house price growth at 7-year high

House prices increased by 11.7 percent in the year to July 2014, according to the Office for National Statistics. London continued to be the English region with the highest average house price, at £514,000 – prices were up 19.1 percent year-on-year in the city in July.

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