The property also requires a service charge of £2,000 and ground rent of £250 per year.
The prices cover all communal services, including electricity and heating throughout the building and car parking on site.
In the description, Pattinson, the agent said the room is “sure to be popular” with such a low price at auction.
They noted that the “property offers great rental potential for buyers” and that it’s in a sought-after location thanks to its proximity to Alexandra Park.
However, the auction is likely to mean the price is a little higher for such a good rental opportunity.
The room last sold in 2015 for £20,000, though it’s still incredibly low compared to flat prices around the UK.
London is still the most expensive city to live in the UK, with the average sale price of flats in the last year being £555,154.
However, experts have predicted that house prices in the capital could drop up to 10 percent following the coronavirus pandemic.
For buyers looking for something with a little more space and independence, the next cheapest property listed has a starting bid of just £5,000.
But rather than a room in student halls, the budget price will get you a two-bed terrace in Wolverhampton.
According to Zoopla, the Prosser Street property last sold for £31,000 in 2002 – so it may well be worth a lot more 18 years on.
It features two reception rooms, kitchen, bathroom, two bedrooms and even a rear garden, which needs plenty of work.
The online auction commences on June 24, and is likely to be snapped up by someone looking for a fixer-upper or an investment project.