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.”

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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