The words “private island” may conjure up an image of something lush in the Indian Ocean, but those in search of one need not journey so far: for just £750,000 you can snap up what could be the smallest island in private ownership in the UK. At the heart of the scrap of land - about a quarter of an acre in size - is a thatched 17th-century cottage, above, on to which brick extensions have been tacked to create five bedrooms, two bathrooms, a kitchen-diner, sitting room and drawing room. There is an established garden, with daffodils and a lawn that could double as a croquet pitch. Such quintessential English style may have yet to gain acceptance among the designers who promote island chic, yet this is the least of the surprises. More arresting is the location - not on the coast but in deepest Wiltshire, just six miles from Marlborough and eight from Hungerford. The trick is that the property (on sale through Dreweatt Neate , 01672 514916) is bordered by the village pond, at the heart of the settlement of Wilton, and a spring that feeds it. If that strikes you as cheating, just remember that on this “island” you're never more than 70 minutes - by train - from London and seven from the nearest English pub. Perfection.

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers