England: Ex-council flat sells for over £1m and still does not meet asking price
An ex-council flat in London has sold for £1.21 million, more than nine times its initial purchase price.
The three bedroom flat in Covent Garden was bought from Westminster Council by the seller in 1990 for £130,000 through the Right to Buy scheme.
It has now made the seller a profit of £1.08m on the sale – an 800 per cent increase on the original price – despite not achieving the asking price of £1.35m.
The flat in the ex-council mansion block, behind the Royal Opera House, covers 1,118sq ft and has a two-tier living room and private entrance.
Estate agents Barnard Marcus, which sold the flat, believe it is one of the most expensive former council properties ever sold in London.
Barry Marner, branch manager at Barnard Marcus Covent Garden, said: “The property is in a fantastic location, just behind the Royal Opera House and in the heart of Covent Garden.
“With central London property prices at a premium, and demand for properties far outstripping supply, we weren’t surprised that this former council flat reached this impressive price.”
The estate agents added the new buyer will be an ‘owner-occupier’ and is not an investor.