The Tory housing chief of London’s most expensive borough says his policies are geared to preserving its historic social variety
Earlier this year property prices in Kensington and Chelsea slumped. The borough in which over 10000 homes maintain been sold for £1m or more over the past ten years has found that only around 700 with a seven-figure price tag look like being bought in 2015. The vendor of a 45-bedroom mansion was forced to seriously consider accepting £280m for it - a full £20m less than the asking price. Suddenly,a one-bed flat in Egerton Place is going for just £3m or so. Yes, things maintain got that contaminated.
Joke over: despite that cramped dip property prices in that fragment of town are breathtakingly, and staggeringly,unclimably steep and that is not about to change. Even in those bits of “K&C” where people who aren’t ferociously wealthy live - and, yes, or there are some - it goes without thinking among would-be first time buyers on middling,let alone low, London incomes that even a studio flat is far beyond their means.
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Source: theguardian.com