Tiny 80-square-foot London flat may sell for double asking price

A CNN reporter takes us on a tour of the apartment where he can touch every wall

To combat a lack of space and affordable housing, Vancouver last year unveiled "micro-lofts", but those seem like mansions compared to a flat in London.

The micro-lofts are 226 to 291 square feet and are touted as the smallest self-contained furnished rental apartments in Canada. For $850 per month renters receive cable, Internet and the chance to be creative with living space.

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But whoever purchases the London apartment will really have to be creative because it's only 80 square feet.

CNN's Richard Quest took a tour of the apartment and at 6'1" could touch both walls when stretching his arms out to his side. When he lay down on the ground and put his hands above his head, he could touch both walls lengthwise.

The realtor says in the video he would point out the high ceilings, natural light and most importantly, the location. The originally asking price was about $145,000, but the current top offer is believed to be about $280,000.

According to Quest, the apartment is located in one of the top areas of London. Looks like potential buyers in Toronto and Vancouver aren't the only ones being thrown into bidding wars.

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Vancouver and London aren't the only cities with these tiny abodes. New York Mayor Michael Bloomberg announced a design competition this summer to develop an apartment that is smaller then what is currently allowed under regulations. The units will be about 275-300 square feet.

However, the tiniest home in the world may be the one-square-metre abode designed and conceived by Berlin-based architect Van Bo Le-Mentzel. In all fairness, I've never camped with a tent small than this. During the summer, the home rented out for $1.30 per night, which is a huge bargain compared to the flat in London.

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