Never mind the mortgages
It’s been a tough year for those trying to get on the housing ladder. Mortgage rates have been at their highest in over a decade, adding tens of thousands to the cost of a new home.
But things are still peachy at the top end of the market. In one small corner of Holland Park alone, at least four eight-figure property deals were completed in the past 12 months, Spy can reveal.
One of the mansions was bought by former Santander MD Juan Ball, who snapped it up for a bargain at just £24 million. He appears to be seeking to redevelop it in a partnership with architect for the super-rich, Christopher Bodker.
Nearby, a stunning house was bought by Indian healthcare billionaire Shamsheer Vayalil Parambath, for a steal at £31 million. And like many Holland Park properties, the other two sites bought are owned by mysterious entities in offshore tax havens.
The four combined deals were worth £120 million – or about 400 times the average UK home. According to the pre-Budget rumour mill Chancellor Jeremy Hunt took a close look at scrapping inheritance tax, a move that would allow the houses to stay in the family, tax free, for the foreseeable future. It's alright for some.
Evening StandardCity Spy is back!
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