Do you think housing prices are insane where you live? You ought to see London’s Chelsea district. The BBS News reports that a “table-sized” apartment is selling for £170,000 (roughly $334,000US). Here’s the complete story:

A flat roughly the size of a snooker table has gone on sale for £170,000 in London’s upmarket Chelsea. The former janitor’s storeroom measures 11ft by 7ft and has a cupboard place for a shower and kitchenette area.

Potential buyers can expect to fork out an extra £30,000 to make the room habitable as there is no lighting and it is full of rubble. Even the estate agent selling the property admitted the flat was “incredibly depressing”. “We have to go in with a torch because the lights do not work and it is full of rubble,” Jason North, associate director at Lane Fox.

Nevertheless, the flat is expected to attract buyers due to its close proximity to the fashionable bars, shops and leisure facilities of Kensington and Chelsea. In fact, the £170,000 price tag may make it one of the few affordable properties in what is London’s and the UK’s costliest borough. According to research from property website Rightmove, released on Monday, the average asking price for a house in Kensington & Chelsea in January was £1,145,791.

Is there a housing bubble in London? Or is this a normal price? This room is 77 square feet — slightly smaller than a college dorm room, but slightly larger than a prison cell.

Despite rumors of a “burst bubble”, housing prices remain strong in Portland. We’re not seeing double-digit increases anymore, and homes are on the market longer than they were two years ago, but there has been no decline in prices. From my perspective, the bubble has not burst — it’s merely stopped expanding.

Read more about at The Seattle Times or this discussion at Metafilter.

[BBC News: 'Table-sized flat' for £170,000, via Fascination Place]

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