You could get on the London property ladder for just £215,000 – but there's a catch

Getting on the property ladder is tough anywhere, but in London the situation is particularly dire. Last year London house prices were at their highest ever, and while there’s a fair bit of variation between boroughs, property prices in the capital are still far from sensible.

But now a property has gone on the market that could get you on the ladder for just £215,000 – albeit with a pretty significant catch.

We know, what has the world come to when you can say just £215,000. But it is quite a steal, especially considering that the city’s average house price is reportedly just over £530,000.

So what exactly is on offer for £215k? Well, you get two bedrooms, pleasant waterside views and a pad within walking distance of Canary Wharf that is essentially brand-new. The property is part of The Water Lodges, a set of properties on the water at Poplar Marina. 

But we did warn you – there’s a catch, and a significant one. The Metro reports that, as the property is a houseboat and it’s so difficult to get a mortgage on houseboats, it’s being advertised as cash-only. 

In other words, if you want to buy this Water Lodge, you won’t be able to take out a mortgage to do so. You’ll have to have the full £215,000 ready to go. Oh, and on top of all that it has £15,000-per-year mooring fees.

But could the Water Lodge still be worth it? It might well be. Here are a few pics of the place.

Poplar Marina house, London
Photograph: Hamptons
Poplar Marina house, London
Photograph: Hamptons

The property is being sold by Hamptons and you can find out more on the official listing here.

Listen to Time Out’s brilliant new podcast ‘Love Thy Neighbourhood’: episode six with Sophie Duker in Dalston is out now.

Stay in the loop: sign up for our free Time Out London newsletter for the best of the city, straight to your inbox.