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London’s £1m penthouses are in the most unlikely locations

The city’s eight-year housing boom has resulted in £1 million flats being offered in traditionally heavy industry and subsidised worker’s housing areas

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Tax hikes, high prices and economic uncertainty have stymied growth for homes in central London’s most expensive neighbourhoods. Photo: Reuters
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London’s eight-year housing boom means £1 million (US$1.3 million) flats are now being offered in areas historically associated with heavy industry and subsidised worker’s housing.

Telford Homes Plc last week said it had sold three penthouses in once-down-at-heel Stratford, the district that hosted the London 2012 Olympic Games, for more than £1 million. There’s plenty more for buyers to choose from – more than 780 penthouses are on sale in London for more than that amount, according to listings on real estate website Zoopla.

Tax hikes, high prices and economic uncertainty have stymied growth for homes in central London’s most expensive neighbourhoods even as government support for first-time buyers boosts values in the city’s outer districts.

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There are currently 13,600 London homes being offered for more than £1 million on real estate website Rightmove Plc, more than double the 5,348 homes that sold above that level in the city in the first half of the year, according to the Land Registry.

Housing prices in the City of London were up 13.5 per cent in August on the year, according to LSL Property Services/Acadata. Photo: Reuters
Housing prices in the City of London were up 13.5 per cent in August on the year, according to LSL Property Services/Acadata. Photo: Reuters
Here are six penthouses in London that are on the market for at least £1 million in places you might not expect.
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Stratford Central, Stratford: £1.38 million

Just one three-bedroom penthouse remains on offer at Telford Homes’ 31-story Stratford Central project. Spread over two floors, the home has a walk-in shower, an outdoor kitchen and access to a private gym.

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