First £1 million ex-Council flat in Westminster gets closer

The prospect of the first £1 million former Council flat sold by Westminster Council under the Right to Buy for a fraction of that amount is getting closer with a flat in Robin House, St John’s Wood on the market for a staggering £875,000. Labour Councillors say that this flat is likely to be bought by a Buy-to-let investor and let out at a rent in excess of £2,500 a month.

Advertised on Rightmove, the flat is described as;

“A newly refurbished four bedroom apartment on the raised ground floor of this purpose built block. The property benefits from well laid out bedroom accommodation with good storage and a long lease of 95 years. Robin House is located within a short distance from St John’s Wood underground station (Jubilee Line) and the shops and amenities of St John’s Wood High Street as well as the open spaces of Regent’s Park.”

http://www.rightmove.co.uk/property-for-sale/property-27787707.html

Councillor Paul Dimoldenberg, Leader of the Labour Group, said;

“The continued sale of Westminster’s dwindling number of Council flats is adding to the housing crisis locally. Large flats like this one in Robin House were built by St Marylebone Borough Council before the last war to house local residents in housing need. To see them for sale for nearly £1 million when housing need is just as acute as it was all those years ago is completely wrong. Turning homes for those in housing need in to buy-to-let investments is destroying local communities and making places like St John’s Wood even more of a ‘no-go area’ for people on middle and low incomes.”

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This entry was posted in Buy to let, House Prices, Housing, Labour Councillors, St John's Wood and tagged , , , , , . Bookmark the permalink.

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