In a spark of good property news from the UK and London, apparently the country’s upper-crust has not been stifled in their property buying habits. Bloomberg-Businessweek just reported even with price hikes because of new taxes, some areas of the city remain hot commodities. But with prosperity, so too some people will always fall victim to change. In the case of London, the average city dweller is now wearing a top hat, rather than a hardhat.
According to Businessweek’s news, 98 $10 million dollar plus deals have gone down through last September, while sales of middle income targeted properties have basically dried up in these areas. As the mega-rich seek tax shelters and prime properties, the rest of the market essentially get pushed out. And the alternative for those desiring to live close in? Renting, of course.
Ten million dollars or pounds on the one hand, is reflected too in the prices just to let on the other. Looking at Chelsea apartments at Brooks Gordon for and instance, those specialists in Chelsea properties only list one flat below £2,000 (image below). Looking at their sales end of the spectrum, the Knightsbridge luxury apartment above is for sale at £4,500,000.
According to the BBC numbers on UK house prices, Kensington and Chelsea homes come in at an average price break of £1,683,055. This is up almost 23% since last year and over 12% this last quarter. It seems fair to say, before long there’s won’t be a reasonable flat in central London to be had. For middle class family in and around the city, even residences in Kingsbury, Mill Hill, Cricklewood, and other outlaying areas price’s are being pushed upward.
London seems to be rapidly becoming one of those places the everyday people simply cannot afford to live in. About the cheapest one bedroom residence we found was in East Hamm, priced somewhere around £131,000 (below from Foxtons). As you can easily tell, the world’s most gentrified city, has a bit more gentrification to go. Well, at least the trend seems like that.