Imagine paying a whopping £1 million for a studio attic flat in London. Sounds outrageous, right? Well, that’s exactly what’s happening in Dalston, and it's leaving potential buyers in disbelief!

London's property market has always been a head-scratcher, but one recent listing perfectly sums up the madness. While homes elsewhere in the UK struggle to sell for £200,000, listings in the capital seem to defy logic. Properties that look like they belong to a different era are selling for three times their worth!

The demand for homes in London’s commuter belt has skyrocketed, even as prices have dipped across much of the rest of the nation. In April, the average UK home was valued at £265,497, down 2.7% from the previous month but still a 3.5% increase from the same month last year. Meanwhile, London's average property price stood at a staggering £566,614, marking a 2.6% rise month-on-month and a 3.3% annual increase.

But the jaw-dropper is a studio flat marketed for a cool million pounds. This so-called 'exceptional Victorian warehouse conversion' has sparked outrage on platforms like Reddit, igniting conversations about what constitutes a fair property price in London.

According to estate agents Savills, this attic flat boasts original features like exposed timber beams and skylights. However, prospective buyers were less impressed. The flat has been criticized for its layout and the misleading classification as a one-bedroom when it’s clearly a studio. The listing has been on the market for eight weeks without a single offer, and social media users have had a field day roasting the price.

One disgruntled user on Reddit exclaimed, 'Who is paying a million to live in an attic in Dalston?!' Another quipped, 'Remember when being a millionaire was a big deal? Now it just gets you a shed in the sky.'

To add more fuel to the fire, the property was last sold for £325,000 back in 2002. Many on social media were aghast, wondering how such a dramatic increase could be justified. According to property aggregator Houses for sale and to rent, the average price for a one-bedroom flat in the area is £466,348, which means this listing is over £500,000 above the norm!

But it doesn’t stop there. Just last week, another property in Hove caused a stir, as an elderly couple listed their seemingly ordinary home for an astounding £2.5 million—more than three times the average price on their street! While the couple hopes to downsize from their three-bedroom home, many locals are questioning how on earth such a modest house could command such a hefty price tag. One resident noted, 'It’s a king’s ransom for a house that backs onto high-rise flats.'

As we watch these bizarre property listings unfold, it's hard not to wonder: what will happen next in the ever-mysterious world of London real estate?