Jump to content
House Price Crash Forum
Sign in to follow this  
cool_hand

London Is Definitely Not In A Bubble

Recommended Posts

http://www.bbc.co.uk/news/uk-england-london-26382658

London's Brompton Road Tube station sold for £53m

A former London Underground station, used as a World War Two command centre, has been sold for £53m.

Brompton Road station, near Harrods, was put on the market in September by the Ministry of Defence as part of cost-cutting efforts.

Opened in 1906, the Piccadilly Line station closed in 1934 when London Underground decided it was no longer financially viable.

It is now expected to be used for residential development.

'Historic significance'

Defence minister Andrew Murrison said: "The Ministry of Defence is committed to selling off its surplus land and property in order to provide the best possible value for money to the taxpayer.

"At the same time we take our role as a custodian of the nation's history very seriously and have been working to record the historic significance of the building."

The money from the sale will be put back into the defence budget, it was added.

During the Blitz the station was used by the War Office to control anti-aircraft batteries protecting London from air raids.

It was most recently occupied by the London University Air Squadron and Royal Naval Unit and air cadets.

The identity of the buyer has not yet been disclosed.

Just a snip then at £53m

Share this post


Link to post
Share on other sites

http://www.bbc.co.uk/news/uk-england-london-26382658

London's Brompton Road Tube station sold for £53m

A former London Underground station, used as a World War Two command centre, has been sold for £53m.

Brompton Road station, near Harrods, was put on the market in September by the Ministry of Defence as part of cost-cutting efforts.

Opened in 1906, the Piccadilly Line station closed in 1934 when London Underground decided it was no longer financially viable.

It is now expected to be used for residential development.

'Historic significance'

Defence minister Andrew Murrison said: "The Ministry of Defence is committed to selling off its surplus land and property in order to provide the best possible value for money to the taxpayer.

"At the same time we take our role as a custodian of the nation's history very seriously and have been working to record the historic significance of the building."

The money from the sale will be put back into the defence budget, it was added.

During the Blitz the station was used by the War Office to control anti-aircraft batteries protecting London from air raids.

It was most recently occupied by the London University Air Squadron and Royal Naval Unit and air cadets.

The identity of the buyer has not yet been disclosed.

Just a snip then at £53m

...most sensible countries protect their economies from hot money generated by "who knows" from overseas ...but not this lot ...and the new Governor of the BofE should be acting on the case overriding the poor economic practice by Government(s)....London is an unacceptable bubble which needs an almighty pin....no recovery can be built on such a sandy base... :rolleyes:

Share this post


Link to post
Share on other sites

I cannot blame the BOE too much for this. The value of central London property prices has little to do with UK interest rates. Even if they did should interest rate policy be based on the value of central London property?

The fault lies with the government - it has the tools available. A tax on purchases by non-residents. A mansion tax. Higher tax on unoccupied houses or buy to let. Etc.

Share this post


Link to post
Share on other sites

I cannot blame the BOE too much for this. The value of central London property prices has little to do with UK interest rates. Even if they did should interest rate policy be based on the value of central London property?

The fault lies with the government - it has the tools available. A tax on purchases by non-residents. A mansion tax. Higher tax on unoccupied houses or buy to let. Etc.

The boe have the power to raise the cost of mortgage capital independent of the base rate, which would help considerably.

They could also stop lying about the situation just to protect the government - they are supposed to be independent, and their criticism would be difficult to ignore.

Ultimately though, I agree, blame lies with osbrown and chums.

Edited by (Blizzard)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   215 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.