Ex-council flat in Covent Garden sells for £1.2m – 10 times its original price

Covent Garden flatAn ex-council house has been sold for £1.2m – nearly 10 times the original price when it was purchased under right-to-buy rules, according to a report.

The three-bedroom flat near Covent Garden in central London was bought from Westminster Council in 1990 for £130,000, The Guardian said. The original buyers kept the flat until it was sold recently for £1.2m, just below the first asking price of £1.35m.

The property is in a mansion block – once entirely inhabited by council tenants – near the Royal Opera House.

Barry Marner, of estate agents Barnard Marcus, said: “With central London property prices at a premium and with demand for properties far outstripping supply, we weren’t surprised that this former council flat reached this impressive price.”

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This entry was posted in Council housing, Council leaseholders, Covent Garden, Right to Buy, West End, Westminster City Council and tagged , , , . Bookmark the permalink.

One Response to Ex-council flat in Covent Garden sells for £1.2m – 10 times its original price

  1. R Web says:

    Sorry – is this a bad thing? They bought the property a quarter of a century ago, have lived there ever since and have paid for the maintenance over this time thus saving the council a huge amount over the years. I don’t see the problem? The owner has benefited from house prices in the same way had they bought another (private) property instead. Or if its just a comment on London house prices, then its hardly news..

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