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For £150,000 you could buy a 3 bedroom house with a garden in Swindon or … a pair of lock-up garages in Tottenham. The two garages in one of London’s least swanky neighbourhoods are set to go under the hammer with a guide price of “£150,000-plus”.

Incredibly, the transformation from shabby looking garages to “potential two bedroom house” is not even a done deal. An artist’s impression shows what the converted property might look like, complete with picture windows and wood cladding, but anyone wishing to actually create a residential home would first need to secure planning permission.

“If ever there was a story that reflects how expensive London property has become, this is it,” says Chris Dewhurst, director at Dewhurst & Co. “It also brings home what great value for money Swindon is.”

“In recent months we’ve sold all kinds of properties in Swindon for around £150,000, from detached houses in Taw Hill to large 2 bed properties in Eldene, executive apartments in Redhouse, family homes with gardens in Haydon Wick, 3 bed flats in Old Town and Victorian houses with three double bedrooms in the centre. And unlike many towns, Swindon has not seen wild swings in property prices which helps give buyers peace of mind when they are taking out a mortgage.”

By contrast, prices in London seem to rise on a daily basis, making it increasingly difficult for people to get on the property ladder. According to the auctioneers marketing the Tottenham lock-ups: “The guide price is £150,000, but we would like it to go for £175,000 to £200,000.”

The garage sale illustrates just how volatile the property market in London’s outer boroughs has become in recent months as more and more buyers are driven into previously unfashionable corners of zones three and four in search of relatively affordable homes.

“I’ve said it before and I’ll say it again,” says Chris Dewhurst, “at less than an hour’s commute from London, Swindon really does present a great alternative, especially for first-time buyers or young professionals. The Tottenham road where the garages are located is actually a 20 minute walk to the nearest tube station, Seven Sisters. And from there you still have a 20/25 minute ride into the centre of London. Personally, I’d rather add 15 minutes on to my work journey and get to sleep in a nice house in Swindon!”