Converted outhouse in London on offer is a bargain - but there's a drawback

A grim “converted outhouse” is on the market in a major capital city and, although listed for only $170,000, it needs a heck of a lot of work to spruce it up.

The “depressing” property is a granny flat in East London, marketed as “ideal for owner occupiers and investors”.

Carrying a price guide of £90,000 (about $AU170,700), the home is listed on UK marketplace Rightmove and will go to auction on May 15.

Flat 3, 142 Katherine Road comprises a main, combined bedroom and living room – typical of a studio configuration – with a separate kitchen and a bathroom.

Debris is scattered in the front yard, and the property is offered as a vacant possession to the successful bidder.

The Mirror described the flat as “depressing” and on Reddit, a property watcher said they had seen better homes in post-apocalyptic video game Fallout, where ghouls roam the earth, according to the newspaper.

The unit is in Newham’s East Ham district, which is regarded as a disadvantaged area. However, it has public transport options for those venturing to the London’s heart, and elite schooling. Newham Collegiate Sixth Form was recently ranked the second-best school in the UK, and has a history of sending on pupils to American Ivy League universities, including Harvard, MIT and Princeton.

London’s housing market has undergone a spring revival, with prices jumping. Pundits have applauded the market’s resilience, which is profitable even after inflation, Brexit and political uncertainty.

The East Ham flat listing follows on the heels of a campaign to sell a hoarder’s house in London.

If you hate clutter, then this property won’t be up your alley.

The three-bedroom, one-bathroom terrace at 85 Elmer Gardens in Isleworth is headed to auction with Allsop Auctions and has a wild surprise inside.

Listing photos on Rightmove reveal rooms with rubbish and leftover belongings packed right up to the ceiling.

The guide price may appeal to some buyers at £175,000 ($AU335,942).