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Ex-council homes in London are a 'gold mine' for landlords Ex-council homes in London are a 'gold mine' for landlords
(1 day later)
Refurbished two-bedroom ex-council flats in London’s West End are commanding rents of up to £28,800 a year, making them a “gold-mine” for anyone purchasing them, agents in the some of the city’s wealthiest boroughs said on Tuesday.Refurbished two-bedroom ex-council flats in London’s West End are commanding rents of up to £28,800 a year, making them a “gold-mine” for anyone purchasing them, agents in the some of the city’s wealthiest boroughs said on Tuesday.
Related: Housing bill to include right-to-buy extension in Queen's speechRelated: Housing bill to include right-to-buy extension in Queen's speech
“When it comes to Mayfair and the wider West End I don’t think there is any stigma with ex-council homes. Mayfair is always a good address regardless of whether it’s a private sector, ex-council or shared ownership property, it’s a place people aspire to live in and are proud to say is their home,” he said.“When it comes to Mayfair and the wider West End I don’t think there is any stigma with ex-council homes. Mayfair is always a good address regardless of whether it’s a private sector, ex-council or shared ownership property, it’s a place people aspire to live in and are proud to say is their home,” he said.
A two-bedroom former council home in South Kensington recently became the first to be put on the market for more than £1m, after being expensively refurbished by its current owners.A two-bedroom former council home in South Kensington recently became the first to be put on the market for more than £1m, after being expensively refurbished by its current owners.
Wetherell said: “In a short time we will see the emergence of the multimillion pound ex-council property which shows the extraordinary rise in capital values across Mayfair and the West End currently and over the last 20 years.”Wetherell said: “In a short time we will see the emergence of the multimillion pound ex-council property which shows the extraordinary rise in capital values across Mayfair and the West End currently and over the last 20 years.”
He said 22% of Mayfair’s total housing stock was currently social housing.He said 22% of Mayfair’s total housing stock was currently social housing.
Elizabeth Harris, managing director of E J Harris said ex-local authority flats in central London benefited from being “nearly always large, with generous room sizes and in superb addresses. This makes them a ‘gold mine’ for anyone purchasing them, refurbishing them and then using them for rental income.” Elizabeth Harris, managing director of E J Harris, said ex-local authority flats in central London benefited from being “nearly always large, with generous room sizes and in superb addresses. This makes them a ‘gold mine’ for anyone purchasing them, refurbishing them and then using them for rental income.”
Becky Fatemi, managing director of Rokstone, said she had several ex-council properties in Fitzrovia, Pimlico, Marylebone and Notting Hill on her books, and that they tended to be listed at around 20% to 25% less than privately built homes.Becky Fatemi, managing director of Rokstone, said she had several ex-council properties in Fitzrovia, Pimlico, Marylebone and Notting Hill on her books, and that they tended to be listed at around 20% to 25% less than privately built homes.
“There are particular ex-council buildings which are seen as iconic and are popular with tenants and purchasers and these include the Luxborough Tower in Marylebone, the Trellick Tower in North Kensington and the Brunswick Centre in Bloomsbury,” she said.“There are particular ex-council buildings which are seen as iconic and are popular with tenants and purchasers and these include the Luxborough Tower in Marylebone, the Trellick Tower in North Kensington and the Brunswick Centre in Bloomsbury,” she said.
Fatemi said she recently sold a three-bedroom ex-council flat in Fitzrovia to an Asian investor for less than £1m. “In anyones book that’s a very smart deal and exceptionally good value for money,” she said.Fatemi said she recently sold a three-bedroom ex-council flat in Fitzrovia to an Asian investor for less than £1m. “In anyones book that’s a very smart deal and exceptionally good value for money,” she said.
In January, a two-bedroom flat in the Brunswick Centre, which was once owned by Camden council, changed hands for £850,000.In January, a two-bedroom flat in the Brunswick Centre, which was once owned by Camden council, changed hands for £850,000.