Jump to content
House Price Crash Forum
zugzwang

The Carneys' £3M London Semi

Recommended Posts

Is it plausible that someone living in such circumstances could be unaware of the inadvisability of runaway house price inflation?

Of course not!

Mind you, the vile wife seems able to reconcile her 'eco-conscience' with a marble bathroom and attendant fittings flown in from who knows where.

http://www.dailymail...-000-month.html

Despite a £5,000-a-week housing allowance courtesy of British taxpayers, they struggled to find a home in London.

The new Bank of England Governor's wife even publicly bemoaned the lack of suitable accommodation after her husband landed the top job.

But now Canadian Mark Carney has finally found somewhere to spend his perk – a six-bedroom £3million property.

The landlords have spent £1million transforming a semi-detached house from three flats into a single luxury dwelling.

Its renovated interior boasts a gym, cellar and outside there are landscaped gardens stretching a long way back from the house.

The master bedroom suite is laid out over 600sq ft and includes a huge dressing room and a marble bathroom with his-and-hers sinks.

Mr Carney was lured from Canada with an £874,000 pay packet – about £100,000 more than predecessor Sir Mervyn King earned – which includes a £250,000-a-year housing allowance, or £4,800 a week. After tax, it works out as £11,041 a month towards his rent which is believed to be nearly £15,000 per month. Lib Dem peer Lord Oakeshott said: 'My view is, if he sorts the economy out, it's worth every penny.' The Carneys have let out their house in Ottawa, Canada, for around £1,000 a week.

In March, Mrs Carney – an environmental campaigner who recently declared war on teabags – revealed their worries about finding a house in London. She tweeted they would struggle because of an influx of wealthy French fleeing their socialist government's high taxes.

article-2357071-1AAA0190000005DC-211_634x414.jpg

Edited by zugzwang

Share this post


Link to post
Share on other sites

Is it plausible that someone living in such circumstances could be unaware of the inadvisability of runaway house price inflation?

Of course not!

Mind you, the vile wife seems able to reconcile her 'eco-conscience' with a marble bathroom and attendant fittings flown in from who knows where.

http://www.dailymail...-000-month.html

These elite eco campaigners are campaigning so that the "little people" make sacrifices to achieve her eco objectives - they can still live the high life whilst pontificating about what everyone else should be forced to do.

Share this post


Link to post
Share on other sites

Wasn't difficult to find where he's renting, from the clues in the article. Unlike the Daily Mail, I won't divulge details, given he's only just taken his job from Canada, got a difficult task ahead, and is hopefully on HPC side.

However I will say it was listed at what works out at £3,450 per week. So good for Carney for not using up his entire allowance. There was an additional facility available by negotiation but no indication he'd need it, unless he gets an MI5 security detail. Perhaps he also negotiated down the price the landlord/agent was asking. Yes it's had the bling treatment partly inside, but doesn't look like an ostentatious house for a Governor of the Bank of England from outside. Just a large Edwardian Semi, like many others.

He's also in a position to get the rent down further, via policy measures, and perhaps to get better housing value, or a nicer place, in the future.

Share this post


Link to post
Share on other sites

Their master bedroom is bigger than my rented one bedroom flat, coincidently my landlord calls it a two bedroom and charges me in excess of one grand:(

Bedroom is so small, we can only have a moses basket, even travel cot would not fit:(

Share this post


Link to post
Share on other sites

Bedroom is so small, we can only have a moses basket, even travel cot would not fit:(

Blimey - don't your feet stick out?

That aside, Carney's place (and rent) could be worse/better depending on your POV. I won't begrudge it him - I'm sure he's going to do plenty that will genuinely p1ss me off, so I will resist the temptation to rage about what, in the end, is a perfectly normal upper-middle-class house.

Share this post


Link to post
Share on other sites

Entitlement sounds to be at its peak in the Carney Household.

Afraid of French financial refugees poking up London House prices....God, the fear of missing the boat is even apparant at these lofty areas of Wealth....

Share this post


Link to post
Share on other sites

, is a perfectly normal upper-middle-class house.

which only the Governor of the Bankrupt of England can afford! :lol:

Share this post


Link to post
Share on other sites

which only the Governor of the Bankrupt of England can afford! :lol:

he cant...it is paid for out of the public purse as AN ALLOWANCE

Share this post


Link to post
Share on other sites

If someone wanted me to work in London, I'd want a very substantial allowance to cover my rent, too (I've said p*** off to a recruiter dangling £150k at me - at a time when my income out in the sticks was in the £20k ballpark). I think it's entirely reasonable as a package to bring a top man in.

The question of whether he is the best man for the job (and therefore worth paying for) is separate. I reserve judgement.

Oh, and there's nothing wrong with a marble bathroom. On the scale of all materials used for building, its impact on the environment is towards the bottom.

Edited by porca misèria

Share this post


Link to post
Share on other sites

which only the Governor of the Bankrupt of England can afford! :lol:

Yes! A semi-detached of modest size valued at...£3m! What's 'ordinary' about that?

Given that the Carneys weren't prepared to sell up in Canada I'd have thought paying for him to fly over here once or twice a month would have been quite sufficient. I'm sure the Bank must have a fold-down bed he could borrow.

Share this post


Link to post
Share on other sites

If someone wanted me to work in London, I'd want a very substantial allowance to cover my rent, too (I've said p*** off to a recruiter dangling £150k at me - at a time when my income out in the sticks was in the £20k ballpark). I think it's entirely reasonable as a package to bring a top man in.

The question of whether he is the best man for the job (and therefore worth paying for) is separate. I reserve judgement.

Oh, and there's nothing wrong with a marble bathroom. On the scale of all materials used for building, its impact on the environment is towards the bottom.

You turned down a £130,000 salary hike because it wouldn't cover the rent? blink.gif

Share this post


Link to post
Share on other sites

You turned down a £130,000 salary hike because it wouldn't cover the rent? blink.gif

TBH honest someone waving less than half that would lure be back to London. You can live reasonably cheaply and well in London with a bit of ingenuity, and no I don't mean hot bedding with half a dozen Polish plumbers in an HMO.

Share this post


Link to post
Share on other sites

Is it plausible that someone living in such circumstances could be unaware of the inadvisability of runaway house price inflation?

Of course not!

Mind you, the vile wife seems able to reconcile her 'eco-conscience' with a marble bathroom and attendant fittings flown in from who knows where.

http://www.dailymail...-000-month.html

Zugwag - you keep calling his wife "vile". How can you back up that - or do you just like being nasty? Anything I've read about her seems to be positive - she actually seems to be a complete antithesis to what I'd kind of expected.

Share this post


Link to post
Share on other sites

Wasn't difficult to find where he's renting, from the clues in the article. Unlike the Daily Mail, I won't divulge details, given he's only just taken his job from Canada, got a difficult task ahead, and is hopefully on HPC side.

However I will say it was listed at what works out at £3,450 per week. So good for Carney for not using up his entire allowance. There was an additional facility available by negotiation but no indication he'd need it, unless he gets an MI5 security detail. Perhaps he also negotiated down the price the landlord/agent was asking. Yes it's had the bling treatment partly inside, but doesn't look like an ostentatious house for a Governor of the Bank of England from outside. Just a large Edwardian Semi, like many others.

He's also in a position to get the rent down further, via policy measures, and perhaps to get better housing value, or a nicer place, in the future.

410m2 for 6 people (the couple has 4 daughters) is not too much. It's just 68m2/person. But having to pay £3,450/week is completely, bonkerly insane! He - and his wife - must have realised just how stupidly unaffordable housing have become in London. And I hope he realises that most of the SE is not too far behind, relatively to local earnings.

Share this post


Link to post
Share on other sites

410m2 for 6 people (the couple has 4 daughters) is not too much. It's just 68m2/person. But having to pay £3,450/week is completely, bonkerly insane! He - and his wife - must have realised just how stupidly unaffordable housing have become in London. And I hope he realises that most of the SE is not too far behind, relatively to local earnings.

Ahh, you've found it also.

Yes. Then again, I wonder when Merv King paid his mortgage off? What type of top end house he may live in, with no huge rent or mortgage, yet probably worth a fortune, after HPI was allowed to get totally out of control. Maybe Carney can do some reining it back in.

Not Carney's fault for London rents, and as you say, let's hope he understands. After all, very few of us get a special housing package with our employment. That's a massive anomaly, he must surely realise, on top of his main earnings.

He's renting his own home in Canada out for circa £1,000 a week according to the article. Seem to recall it being one of the upper end homes of that part of Canada. Probably truly fitting for a Central Banker. (Seeing as they intend to return to their home, better someone makes use of their home than it sit unproductive and empty. I doubt they're renting it out for the money as such, but more because it would be wasteful not to, with them out of the country. Not all letting is unreasonable in certain circumstances.)

Share this post


Link to post
Share on other sites

Ahh, you've found it also.

Yes. Then again, I wonder when Merv King paid his mortgage off? What type of top end house he may live in, with no huge rent or mortgage, yet probably worth a fortune, after HPI was allowed to get totally out of control. Maybe Carney can do some reining it back in.

Not Carney's fault for London rents, and as you say, let's hope he understands. After all, very few of us get a special housing package with our employment. That's a massive anomaly, he must surely realise, on top of his main earnings.

He's renting his own home in Canada out for circa £1,000 a week according to the article. Seem to recall it being one of the upper end homes of that part of Canada. Probably truly fitting for a Central Banker. (Seeing as they intend to return to their home, better someone makes use of their home than it sit unproductive and empty. I doubt they're renting it out for the money as such, but more because it would be wasteful not to, with them out of the country. Not all letting is unreasonable in certain circumstances.)

That can go horrendously wrong like when Norman Lamont let his Notting Hill Basement Flat to Lindi St Clair.

https://en.wikipedia.../Lindi_St_Clair

the then Chancellor of the Exchequer, was investigated for using taxpayers' money to handle the fall-out from press stories concerning Miss Whiplash, who was using a flat he owned (the Treasury contributed £4,700 of the £23,000 bill which had been formally approved by the Head of the Civil Service and the Prime Minister).

:lol:

Share this post


Link to post
Share on other sites

:lol:

At least she probably could afford to pay the rent, but unlucky for Lamont he was so high profile.

Few other tenants are are going to be prepared to turn tricks to pay their landlord's mortgages, with their incomes coming under ever greater strain, and landlords thinking they can keep on raising rents as they have done. The problems such landlords are facing, in pursuit of yield.

Share this post


Link to post
Share on other sites

Zugwag - you keep calling his wife "vile". How can you back up that - or do you just like being nasty? Anything I've read about her seems to be positive - she actually seems to be a complete antithesis to what I'd kind of expected.

The anti-establishment pose flew up my nose, that's all. Maybe she really is sincere in her support of Occupy and the rainforest? Hard to square with what her husband does for a living. Or perhaps she's just one of the gauche caviar types so familiar from the Labour front bench and the BBC.

Share this post


Link to post
Share on other sites

Wasn't difficult to find where he's renting, from the clues in the article. Unlike the Daily Mail, I won't divulge details, given he's only just taken his job from Canada, got a difficult task ahead, and is hopefully on HPC side.

However I will say it was listed at what works out at £3,450 per week. So good for Carney for not using up his entire allowance. There was an additional facility available by negotiation but no indication he'd need it, unless he gets an MI5 security detail. Perhaps he also negotiated down the price the landlord/agent was asking. Yes it's had the bling treatment partly inside, but doesn't look like an ostentatious house for a Governor of the Bank of England from outside. Just a large Edwardian Semi, like many others.

He's also in a position to get the rent down further, via policy measures, and perhaps to get better housing value, or a nicer place, in the future.

?....!

Share this post


Link to post
Share on other sites

?....!

QE has pumped up asset prices to little visible effect on the wider economy. What point would there be in pushing asset prices up even further, other than to enrich a few more financiers? These prices in the eyes of many have already become seriously distorted. Both the IMF and the Bank for International Settlements have warned about “the sugar rush” – the artificial prices caused by QE and the danger of recreating the financial bubbles that caused the crisis in the first place. The policy has also been disastrous for many pensioners and savers who have had to endure the “financial repression” of government-induced low interest rates.
I hope Governor Carney will heed Volcker’s wise words. His role is not to find a monetary silver bullet, but to deliver some hard messages that a debt work-out is exactly that – tough, unremitting, but the only way to get the economy back into better shape.

Norman Lamont. (+ a lot more in the article)

http://www.telegraph.co.uk/finance/mark-carney/10151629/Carney-does-not-have-a-silver-bullet-to-fire.html

Share this post


Link to post
Share on other sites

Carney.

As they've reportedly now moved from that rental, can post up the archived rental link.

http://www.dailymail.co.uk/news/article-2357071/Inside-875k-Bank-chief-Mark-Carneys-home-costing-YOU-11-000-month.html

http://www.rightmove.co.uk/property-to-rent/property-26314950.html

What I didn't notice at the time, was the owner/landlord bought it in 2007 for £2,955,000 if there's no mixup with the archived pics-to-address-sold price data... back when it was cheap eh, for houses on 'non-posh' roads, before the excuse giving 'think of the victims of a hpc' double-down reflation.

Nothing up for sale or on rental market, at the moment, for that postcode.

Bank of England Governor Mark Carney moves out of £3m West Hampstead pad

26 February 2015

[..]But such is the London property market that even here Canadian Mark Carney was forced to use his entire £250,000-a-year pre-tax accommodation allowance (taking his salary close to £1million) to rent his “modest” £3,750-a-week pad in Parsifal Road. [..]His departure also appears not to have been quite as traumatic for the neighbours as his arrival. One resident, who also did not want to be named, told the Ham&High: “When he moved in, five juggernaut removal lorries came, blocked up the street and then damaged a tree so badly the fire brigade had to be called. “His move out of the street hasn’t been quite so bad – he’s just got one van this time. “In all honesty, I didn’t think the Carneys would stay – I’m not sure the road’s posh enough.”[..]One can only imagine the distress it would cause Mr Carney were he to learn a property bubble was following him around wherever he went. He has issued stark warnings to the country in the past over the dangers posed by a booming housing market, saying it was “the biggest risk to financial stability”.

http://www.hamhigh.co.uk/news/bank_of_england_governor_mark_carney_moves_west_hampstead_1_3970947

It's all about the banks / insurance companies... making sure they can handle any sharp correction - IMO.

01:41 (full video)

We're stress testing the banks.. we're seeing how they would respond if house prices fell.. by a large amount.

http://news.sky.com/story/1263732/carney-house-prices-biggest-risk-to-economy

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.