The owners of a London ex-council flat made an 800% return when it was sold for £1.2m

The three-bedroom flat was bought for £130,000 in the 90s

A former council flat in Covent Garden has been sold for £1.2m.

The owners of the property bought it from Westminster council for £130,000 in 1997 under Right to Buy.

The flat failed to make the £1.35m asking price, however the owners still made an 800% return on their investment.

“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,” Barry Marner at estate agent Barnard Marcus told the Guardian.

This is not the first ex-council flat to sell way above what it was bought for. A Fulham flat above Stella McCarney’s boutique was sold for £1.15m in May.

NOW READ

Lightning road electricity car travel

Do automobiles dream of electric streets? Charge-as-you-drive motorways to be tested in UK

New Tube map 2015

Which are London’s best and worst Tube stations?

Social Bookmarks