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JustAnotherProle

London Madness Continues

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Surely this is another sign of peak madness in London:

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11476158/Britains-most-expensive-parking-space-up-for-sale.html


Britain's most expensive parking space has been put up for sale, priced at nearly £500,000.

The triple-bay space, in South Kensington, costs nearly twice as much as the average UK house and would beat the previous record for a parking spot by £100,000.

Listed with estate agent Foxtons at £480,000, the bay in Kingston House North is located in a "secure" underground parking complex.

As well as the space, the owner will also get a valet service, an "exceptional chauffer lounge" and 24-hour security.

However, to cover these extras, there is an additional service charge of £1,500 a year; while stamp duty will take the total cost to £494,000.

How crazy can this get before collapse? I think this has to be a sign of the end...

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Not really. If you are a Saudi with limitless cash, why would you not buy somewhere to stick your Lamborghini? This isn't aimed at normal people, it is aimed at the sort of people who think half a mill is chicken feed and worth paying to ensure you can park your car.

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come on now, it is a triple bay

so only £160k per parking place...

If you look at long term secure/valet parking prices in this area, up to £2,500 a month, you could almost describe it as a bargain.

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Not really. If you are a Saudi with limitless cash, why would you not buy somewhere to stick your Lamborghini? This isn't aimed at normal people, it is aimed at the sort of people who think half a mill is chicken feed and worth paying to ensure you can park your car.

The oil-barons have big houses with massive garages in central London. Why would they need another lock-up ?

Speculation, hot money chasing hot money. As others have already stated - crazy garage prices are to a HPC what a canary is to a coal miner ;)

Bring on the Crash.

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The oil-barons have big houses with massive garages in central London. Why would they need another lock-up ?

Some of them do.. Some of them are probably full. Maybe their kids want a garage. You're trying to apply conventional logic to this - for these guys, this is about as material as paying for a decent meal in a restaurant.

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Some of them do.. Some of them are probably full. Maybe their kids want a garage. You're trying to apply conventional logic to this - for these guys, this is about as material as paying for a decent meal in a restaurant.

Interesting slant on it here, I have visions of wealthy sheiks fighting over ever increasing bids to buy parking spaces to compensate for garages over flowing with Lambos and Luxury cars for the wives and kids.

or it could be just another sign of London speculation about to eat itself.

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London is struggling to recruit jobseekers

http://www.cityam.com/211745/city-skills-shortage-almost-two-vacancies-each-jobseeker?ITO=sidebar-most-read

I'm sure the problem isn't the insane price of living there.

Maybe the London bullshine media is starting to backfire?

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Interesting slant on it here, I have visions of wealthy sheiks fighting over ever increasing bids to buy parking spaces to compensate for garages over flowing with Lambos and Luxury cars for the wives and kids.

I live next door to someone in this sort of position - not quite in the same league, but stupendously wealthy all the same. This guy bought a farm by accident. He was looking for some land (think It was to put his horses on) and instructed two agents. Both bought, because they were given authority and the funds to buy. Bloke was out of the country, came back and found he had spent 6 million rather than 2. Doesn't care in the slightest. Has bought some more horses.

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