This month has seen yet another record breaking property sale take place in London. An ex-local authority flat which was purchased from Westminster Council in 1990 for £130,000 has recently been sold for £1.2 million – this has provided the owners with a return of over 800% on their initial investment. This is a new record for a former council flat.
The flat is part of a mansion block located in a highly desirable area, which accounts for the fact that buyers were willing to pay such a high price for it. It is on Tavistock Street, near Covent Garden, in the heart of Central London. Although this particular flat has been bought by someone who intends to live in it, ex-council flats in London have become a popular choice for buy to let investors in recent years.
This sale demonstrates just how sought after property in Central London is, and how investors are still attracted to the most prestigious parts of the capital. If you are considering a buy-to-let investment in the capital, ex-council flats could be an interesting and potentially profitable area to look into. We can advise you on this and help you to ensure that you make the right decisions when adding London property to your portfolio.
If you are considering a property investment in the City of Westminster, if you already own a property here, or if you are concerned about any other property related issues in any other part of the capital, we are here to assist with our in-depth knowledge of the market and our unique pre-auction service, which guarantees your rent before you even buy.