Fresh air for sale! Auctioneer wants £10,000 for 'airspace' above Battersea flat - even though there is no planning permission for anything to be built there

London's housing market could face a radical overhaul as a plot of 'airspace' goes up for auction in Battersea.

The fresh air above 47 Northcote Road is being sold with a guide price of £10,000. 

Although the three-storey building currently has no planning permission for an extension, bidders can put their money on the vacant airspace above the second floor in the hopes that another storey may be built.

The 'vacant possession' in southwest London is up for grabs with a 150-year lease and a 'peppercorn ground rent'.

Auctioneer Phillip Arnold is confident it will meet its goal, the BBC reports, although he admits adding a storey would not be 'a straightforward build'.

He described how the neighbouring property was being renovated, with an additional floor added. A further property two doors down has also been given approval to do the same.

'You'd like to think there's a better chance than most with this,' he said.

The plot is situated a short walk from Clapham Junction railway station, and hovers above two flats and a restaurant space on the ground floor - currently being transformed into a café.

Asked why anyone would bid on thin air, Mr Arnold explained that it was an affordable way to get a foothold in the neighbourhood - where the average flat sells for over £600,000 - and it could be a good investment.

Mr Arnold, an auctioneer of 30 years' experience, added: 'London has been through a big period of flat conversions, buy to let. You get phases, and I think this will be one of them and people will just actively look for these things.

'They're like buses; it's the first one I've had for ages but about 18 months ago I had nine of them.

'I think you're going to see a lot more of them. Sometimes if you've got a couple of people bidding the price will go through the roof.'

The online listing adds: 'The lot being sold is the airspace above with development potential, subject to obtaining any necessary consent required. 

'The freeholder will be providing landlords consent to develop at no additional charge to the purchaser.'

The concept of selling airspace is thought to have been big in New York a decade ago, but remains an anomaly in London. A plot of airspace in Russell Square went up for auction in October but failed to reach its guide price of £100,000. 

The auction takes place online on 7 December.

Despite the draw of Battersea, not all recent property redevelopments in the area have hit their targets. 

In March, it was reported multi-million-pound apartments in Battersea Power Station and Nine Elms were being quietly reduced in price after up to two years on the market.

Rightmove listings revealed others listed on the market for years without being sold, such as in Nine Elms, which was dubbed 'Dubai on Thames'.

One four-bed apartment at the St George Wharf development has been on the market at a price of £15million since December 2019.

Another, in the nearby Damac Tower, has been for sale for £12.3million since 2021. Both properties have lavish interiors and panoramic views across London.

When former London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea 'opportunity area', he described it as 'the final piece in the jigsaw' of central London.