Disgustingly expensive British properties...

By
Services for Real Estate Pros with Globrix

Who remembers the year 2000? We approached it with such trepidation, terrified every computer in the country would become infested by the ‘millennium bug’.

Well, back then there were 322 streets in the UK where the average property fetched in excess of a million pounds. Today, you would expect that figure to have grown but you may be surprised by just how much. It’s now a staggering 2,183 streets (at least) that have an average price of 1 million pounds.

As much anxiety as there has been over City bonuses recently, estate agents estimate that £5bn worth of bonus money was splurged on London property last year alone. And if Brits can’t afford to snap up our most ridiculously expensive properties then you can guarantee our Ruskie friends will step in. In fact, 40% of the yet-to-be-built luxury apartments in Knightsbridge (walking distance of Harrods dahhhling) have been bought by Russians, with only one in seven Brits being able to afford such an exclusive address.

Or maybe it’s not that Brits can’t afford these new properties, more that we view new-builds as some sort of taboo purchase? An interesting article at The Times humorously details the British love affair with living in decaying properties regardless of the fact that they can be both impractical to live in and a nuisance to maintain.

I’d certainly take One Hyde Park (average price per small apartment is 160million US dollars) over an Edwardian hovel any day. I just need to win the Lotto now, and probably twice over!!!

 

 

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Rainer
407,471
Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions
Hhhmm, That is some interesting information on housing in the UK, Where are the Russians getting their money?
Feb 20, 2008 03:21 AM #1
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Sean - Oil of course! 
Feb 20, 2008 03:23 AM #2
Rainer
42,814
The Entire Team of Price & Company Professionals
Price & Company Realty - Myrtle Beach, SC
Talk about an untapped market.  And with the pound vs. dollar, they would be able to obtain an obscene amount of quality real estate.  But you do recall the story a few years back about the most expensive property sold in London?  It was 6' wide, and about 10' long... a CLOSET... and it sold for £150K.
Feb 20, 2008 03:26 AM #3
Ambassador
1,894,194
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Yep I know someone who sold a stunning flat to a Russian group.  They bought up three older homes in a row that had been converted to flats, bought every flat and now they are going to gut all of the properties and turn them back into single residences again.  My daughter and her husband are hoping to sell their semi in Fareham and find a flat they can afford back in London this summer.  It might be tough.
Feb 20, 2008 03:34 AM #4
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Cindy - You're right it might be difficult for them, that's my main fear of leaving London...that I'll never be able to afford to come back!
Feb 20, 2008 03:40 AM #5
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Rainer
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Poppy Dinsey

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