The rising popularity of investment in ex-council housing
09 March 2015
With more and more ex-council housing becoming fully privately owned or rented, the stigma often attached to these types of properties is slowly being withered away. Instead, they are providing excellent investment opportunities and good homes.
In almost all UK cities the received wisdom is to buy in the very best area you can afford. In London, however, this can be nearly impossible, particularly for those buyers who want to live as centrally as possible and get to work by foot. As a result, a lot of people are turning to ex-council to make this feasible.
These types of properties are usually good quality builds and situated in excellent locations. One example of this is Ingestre Court, a high rise red brick building right in the heart of Soho. Every apartment offers dual aspect lighting and provides plenty of storage space both inside and outside the flats, something new builds often exclude. In the last three years sales prices in this particular block have grown by 20%. Rental figures, too, have seen a significant uplift.
“Having our shop front in Broadwick St, Soho, means we are surrounded by ex-council apartment blocks so naturally Vendors approach us first for rental and sales valuations,” Rob Hill, Director at Greater London Properties, said.
“It's incredible the waiting list we have on these flats, particularly for sales. These properties will regularly go Under Offer even before hitting the market. We therefore encourage buyers to come and chat with our team about their requirements first so we can inform them prior to any launch.”