Tuesday 21 February 2017 9:31 am

The "cheapest home in Mayfair" has gone on sale for just £500,000 (but there's a catch)

If you have ambitions of being a small fish in a very expensive pond, look no further than a two-bedroom apartment which has just gone on sale in London's most exclusive borough, Mayfair, at the bargain price of just £500,000. Admittedly, though, there's a catch…

The apartment, next to Claridges on Davies Street, has been dubbed "the biggest bargain in central London" by its agent, which pointed out the average two-bed in Mayfair sells at £2.8m. In fact, fewer than than five per cent of homes sold in the area last year went for less than seven figures – and none were priced below £750,000.

The problem? The lease on the apartment, set across three storeys in Erskine House, a recently-built apartment block, is just 12 years. 

Read more: The London borough where house prices have risen 700 per cent since 1996