An ex-council flat in London has sold for £1.21 million, more than nine times the initial purchase price, in what is reportedly the biggest amount ever paid for an ex-local authority property.
Estate agents Barnard Marcus said the three-bed flat in Covent Garden was one of the most expensive former council properties ever sold in central London – despite not achieving its asking price of £1.35 million.
The seller purchased the property, just behind the Royal Opera House, off the council for £130,000 in 1990 under the Right to Buy scheme. Following the sale, it means they pocketed a difference of £1.08 million.
The estate agent said the buyer is an owner-occupier and not an investor. The flat is part of the ex-council mansion block and sold after six weeks on the market.
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 with demand for properties far outstripping supply, we weren't surprised that this former council flat reached this impressive price."
This is not the first time ex-council flats have sold for over £1 million. According to Mail Online, earlier this year a pair of two-bedroom former council flats were put on the market for more than £1million each in the borough of Kensington and Chelsea.
In other news, Inside Housing magazine has claimed that almost four in 10 former council homes sold under the Right to Buy scheme are now being let out to private tenants.