£20m Mayfair home up for sale after bank calls in loan

A housebuyer from central Europe has been forced to sell his £20 million house in Mayfair after his bank loan was called in.

It is thought to be the most valuable property to have been subject of a forced sale during the economic downturn.

In September, an £11million house in Holland Park was forced to be sold and Charles Smith, the agent who dealt with the sale at Sotheby's International Realty, said it was becoming increasingly common for property investors to get into trouble after borrowing too much.

These forced sales come in the wake of buyers pulling out of deals after finding themselves over-extended.

Last week a banker, who wished to remain anonymous, lost his £500,000 deposit on a £3.25million house after failing to make his expected bonus and seeing his stock options fall 70 per cent.