London's last £100k property? Brixton Hill flat on sale for a third of the price of a Hyde Park parking space Studio is so grim even the estate agent described it as 'horrendous' However, it could yield £1,000 a month in rent if refurbished 10 people have shown interest in the property already Earlier this month a 11ft x 12ft parking space went on sale for £300,000 A run-down flat in Brixton may be the last property in London to be sold for under £100,000. The pokey ground floor studio went on the market for £99,500. It is so grim even the estate agents describe it as 'horrendous'. The low price is down to a short 56 year lease and the fact it will need an extensive refurbishment, but even so 10 buyers are already lining up to view it this weekend. Leigh Munday, assistant manager at agents Kinleigh Folkard & Hayward, which is handling the sale, said: 'It's horrendous, it's not very nice at all, It needs complete refurbishment and a hefty lease extension. Grim: This dishevelled studio flat in Brixton Hill is on sale for £99,950 It could be the last flat to sell for less than six figures in the capital, which is undergoing a property boom 'It's not the prettiest block but it's not the ugliest either. It's only five minutes from the Tube station and because it's the end of the Victoria line you are guaranteed to get a seat in the morning.' But despite its condition, the flat could be an ideal investment with property prices continue to rise in London. The flat has gone onto the market at a time when the average price of a property in London is £454,000. There are a number of mansions on the market for more than £50 million while a parking space in Hyde Park recently went onto the market for £300,000. Honest: Even the estate agent described the condition of the flat as horrendous And last year saw the sale of 1,297 homes worth in excess of £2million. Although the flat requires modernising, once done, agents claimed it could earn its owner around £1,000 per month in rental income. This equates to a rental yield of more than 10 per cent which is currently unheard of in London. Any buyer would also be able to avoid paying stamp duty, which only applies to properties costing in excess of £125,000 while prices in Brixton have risen by 25 per cent this year. However, one downside - next to the flat's current condition - is that it is still on its original lease, drawn up in 1934. Drab: One downside - next to the flat's current condition - is that it is still on its original lease from 1934 This means there is just 56 years remaining so an extension would cost in the region of £23,000 plus solicitors fees. Katherine Wells, sales manager at KFH, yesterday (Weds) revealed she expected a huge amount of interest in the property. She said: 'It is incredibly rare to find properties priced below £100,000 in London and even rarer still to find them in sought after areas like South West London. Many studio and small one bed flats in the area are now selling for in excess of £250,000 in the current market and we expect that there will be a huge amount of interest when it launches to the market next week. P.S. For the same money you can buy a third of a parking space in Hyde Park Earlier this month a parking space was put on the market for a record-breaking £300,000 - almost twice the price of the average UK home. Exclusive: The parking space in the millionaires' enclave costs almost twice as much as the average UK home