A pre-war ex-council flat bought at a heavy discount under Right to Buy is being resold at a marketing price of £875,000 by Knight Frank.

The property, is a flat in a purpose-built block in Robin House, St John’s Wood, London – an area which comes under Westminster Council.

Labour councillors say that the flat is likely to be bought by a buy-to-let investor and let out at a rent in excess of £2,500 a month.

The flat is listed on Rightmove although last night, it had been removed, meaning it could already have been sold

It has prompted the Labour group at Westminster to say that it will not be long before an ex-council flat goes up for sale for a full £1m – having been bought for a fraction of that amount under the Right to Buy scheme.

Advertised on Rightmove, the flat is described as: “A newly refurbished four bedroom apartment on the raised ground floor of this purpose built block. The property benefits from well laid out bedroom accommodation with good storage and a long lease of 95 years. Robin House is located within a short distance from St John’s Wood underground station (Jubilee Line) and the shops and amenities of St John’s Wood High Street as well as the open spaces of Regent’s Park.”

Councillor Paul Dimoldenberg, leader of the Labour Group, said: “The continued sale of Westminster’s dwindling number of council flats is adding to the housing crisis locally.

“Large flats like this one in Robin House were built by St Marylebone Borough Council before the last war to house local residents in housing need.

“To see them for sale for nearly £m when housing need is just as acute as it was all those years ago is completely wrong.

“Turning homes for those in housing need in to buy-to-let investments is destroying local communities.”

A Westminster City Council spokesman said: “The current condition of the capital’s housing market is well-documented, and it is no secret that property value in the centre of London is high.

“That’s why we are fully committed to providing more affordable homes in Westminster, and to replacing every home sold under right to buy since 2012 to meet housing need.

“In fact, we have delivered over a thousand new affordable homes over the last five years, and a further thousand are set to be built in the next five – including 300 affordable homes for local communities in four major renewal areas across the city.”

http://www.rightmove.co.uk/property-for-sale/property-27787707.html