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London Flat Sells For Record Price Of £140M

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http://www.independent.co.uk/property/house-and-home/property/london-flat-sells-for-record-price-of-140m-9314286.html

A flat in West London has sold for a record British price of more than £140m, according to a report.

The 16,000-square-foot duplex penthouse, one of four at the One Hyde Park in Knightsbridge, was sold to a buyer from Eastern Europe, thought to be either a Russian or Ukrainian, The Times newspaper said.

It has been bought as an empty shell and there were estimates it could cost £20m to fit it out to the expected standard of décor and furnishings.

One Hyde Park has been described as the world’s most expensive block of flats. It was developed by CPC Group and Sheikh Hamad bin Jassim bin Jaber al-Thani, the former prime minister of Qatar.

And only £20m to kit it out. Bargain.

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Before posting this I had to search for another source as it was shown on BBC news from the Times this morning, as it's behind the glorious paywall google did bring up the following.

http://www.standard.co.uk/news/londons-140m-penthouse-flat-as-superrich-buy-trophy-properties-6501526.html from 2010.

Why the need to recycle the same story or is this another sale?

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Before posting this I had to search for another source as it was shown on BBC news from the Times this morning, as it's behind the glorious paywall google did bring up the following.

http://www.standard.co.uk/news/londons-140m-penthouse-flat-as-superrich-buy-trophy-properties-6501526.html from 2010.

Why the need to recycle the same story or is this another sale?

I'd say they are spinning and digging up old stuff to keep the 'London bubble' meme going in desperation. Any sane speculator would be bailing out by now.

In my neck of the woods (Yorkshire) I'm seeing a marked increase in supply. Lots more 'For Sale' signs anyway.

This could be like those stock charts, where you get a 'climactic peak' and massive increase in supply as people get out, then a dramatic drop!

Lets hope so!

Edited by aSecureTenant

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The feeling is certainly similar to 2006/7, the question is will the govt be caught off guard as with lehmans, Northern Rock etc or will they pre-emptively QE and helicopter drop money to mortgage holders.

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Channel 4 news were running a peice on PCL prices tonight, with a reporter being shown around a luxury flat. The voice over said "...this is the perfect place to crash in London".

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According to this website all the other flats that have been sold in One Hyde Park barely add up to 140 million, with 29 million being the highest sale.

http://houseprices.io/?q=SW1X+7LJ

And they're f'en leasehold, its a sorry state of affairs when the ruling class buy in the same way the rest of us slaves are often forced to when buying flats.

Surely the reporters could have done my simple check?

Edited by Corruption

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Perhaps they're printing old news in an attempt to keep the market afloat?

Apparently as I have nothing better to do I had a look at rightmove & properties in Chelsea and there are a ton of properties up for sale. I was under the impression that houses/flats/sheds were being sold as fast they came to market... there are even properties that have been on the market since the summer of 2013 which are priced lower than in 2007 (Going by the Zoopla stats)

Perhaps I'm wrong and Chelsea isn't in London? And are we absolutely certain that house prices have taken off again? I mean it's not just the MSM fooling people into believing the property market is red-hot again?

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