It certainly looks to me that you are correct. Arnold-Baker makes the same points as you. Knowles on Local Authority Meetings (Sixth edition 2012) goes slightly further. After describing the limitation on licensed premises, it comments that "the statute is otherwise silent as to place".
The meeting would, of course, require all the usual features such as public advanced notice. And since the public and press have a statutory right to attend council meetings, it would be necessary for the householder to admit anyone who wished to attend the meeting.
Otherwise, I can't see any legal consideration that would prevent a meeting being held in a private home.