Wednesday, Apr 23, 2008
Poor little rich guy
Press Association: Guy Ritchie laments property market
English natives are being priced out of the property market by new money being invested from abroad, film maker Guy Ritchie has warned.
Ritchie, married to American singer Madonna, said it was almost impossible to buy a house in central London without £10 million.
He has been making a film inspired by the way the capital has changed due to "new money" coming into the UK.
"There hasn't been a property correction here for 20 years," he told Empire film magazine.
"House prices don't go down, they just go up. And the natives of England are sort of being left behind "
Posted by little professor @ 03:52 PM (648 views) Add Comment
5 Comments
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1. indiablue19 said...
Well, somebody woke up and smelled the coffee. How many times has it been said on the HPC site that half the BTL landlords are in Saudi Arabia, Yemen, or who knows where? We actually knew of a property rental firm in the UK whose CEO bragged that they borrowed and then defaulted on enormous mortages with Northern Rock. We rented from this fellow and eventually heard his explanation after the supposed "owner" of our rented flat had been dunned at our door a number of times and we didn't know if the place would suddenly be repossessed and we'd be in the street.
Of course, we didn't know anything to tell the police except the office address and we later found out this "owner" listed on our lease didn't even exist. On that one property alone, the property firm had borrowed something on the order of £465,000. He had apparently duplicated this scam many times over. Then he and his brother used the mortgage funds to buy property in Dubai, with no intention of ever paying them back. There were multiple notices of non-payment from Northern Rock, which we forwarded to their "offices." Finally one day, the court bailiff served papers at the door. By this time we were moving, mercifully enough. Their offices, of course, were completely empty -- no forwarding address. Do what you can Guy. But perhaps too little too late and a far larger problem than you think.
2. renting2 said...
That's fraud pure and simple. Wonder if the broker was involved .................................
3. doomwatch said...
I'm not sure where the "... entertaining aspect ..." comes from by watching foreign investment buying up
swathes of the capital to create a strupid bubble. Watching normal people just wanting a house to LIVE in
and unable to compete with this is a tragedy IMO.
4. plato said...
This is what happens in the Capital of money laundering. Actively encouraged by honorable government,bankers and squeaky clean businessmen.
Dodgy,very dodgy mate !
5. doomwatch said...
I like the way Neil dealt with the "fund manager" in the film HEAT.