If you thought the housing market was cooling off slightly, or were hoping so anyway, news of the latest sale in the capital may not be happy news.
A small passageway between two shops in Battersea, south London, has just sold for £260,000.
The area on the Northcote Road was recently granted planning permission for a 900 square foot living and work space. It has even been suggested that it will be turned into an artist's studio.
Estate agents suggest that a successful development could make this strip of land worth a small fortune.
The alleyway was listed at £55,000 when it went to auction but fetched more than four times that price.
One-bedroom properties in the area have fetched up to £500,000 and there’s no sign things are slowing down.
Estate agents report prices have risen by between 15% and 20% in the last 12 months alone.