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!!!