Posts with tag: council property

Ex-council flat in Covent Garden sells for £1.2m

Published On: August 14, 2015 at 10:51 am

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Categories: Property News

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An ex-council house in the capital has sold for £1.2m, almost 10 times its original price, when it was originally purchased under right-to-buy rules.

The three-bedroom property, located near Covent Garden, was bought from Westminster Council in 1990 for £130,000. Its existing buyers kept the flat until it was sold, fetching just below the asking price of £1.35m.

Mansion

Located in a mansion block, one entirely inhabited by council tenants, the property is also in close proximity to the Royal Opera House.

Barry Marner, of estate agents Bernard Marcus, observed that, ‘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.’[1]

Tracy Kellet, a property agent who purchases property for wealthy clients, believes that council houses were becoming increasingly popular with buy-to-let investors. Kellet said,’ any stigma is waning fast as there’s a whole generation of people who don’t even know what a traditional council house is or was.’[1]

Ex-council flat in Covent Garden sells for £1.2ml

Ex-council flat in Covent Garden sells for £1.2m

‘Investors are keen as they often give great yields as purchase prices are lower than average’, she added.[1]

[1] http://www.independent.co.uk/news/uk/home-news/excouncil-flat-in-covent-garden-sells-for-12m–10-times-its-original-price-10454989.html

 

 

Clampdown on Immigrants Could Encourage Dodgy Landlords

Published On: March 26, 2013 at 4:20 pm

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Categories: Landlord News

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David Cameron has recently announced that immigrants will face a minimum two-year wait before being placed on waiting lists for a council property.

Clampdown on Immigrants Could Encourage Dodgy Landlords

Clampdown on Immigrants Could Encourage Dodgy Landlords

Pressure

The chairman of the Residential Landlords Association (RLA), Alan Ward, responded to the announcement by saying that the measures “will put extra pressure on the private rented sector”, while giving “opportunities for low-grade landlords and criminal elements to exploit immigrants.”[1]

Ward went on, saying that “the RLA has been calling for councils to enforce the many regulations that already exist against criminal landlords.” He believes that the “Government’s announcement will increase the need to prevent overcrowding and insanitary renting.”[1]

Stating that “local authorities can already discharge their responsibilities for homelessness in the private rented sector,” Ward warns that where they do so, “they must ensure the properties are safe, legal and secure.”[1]

Soft Touch

Hammersmith & Fulham Council recently announced that it will only let people who have lived in the area for five years onto their waiting list. The council already has a waiting list in excess of 10,000 people, with only 470 offered housing in the previous year.

Andrew Johnson, cabinet minister for housing, said: “While we welcome migrants with open arms, this country should not be a soft touch for people who think they can simply rock up at our housing offices and demand a heavily subsidised house.”[1]

[1] http://old.lettingagenttoday.co.uk/news_features/Clampdown-on-immigrant-will-encourage-more-dodgy-landlords-claim