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thecrashingisles

St George Taking The Michael

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St George have a delevopment of new flats in Kew behind the public records office. Apart from a couple of penthouses there are only 2 flats still unsold. They are probably the least desirable in their building. Being on the first floor they don't have a view of the river. One of them is next to the District Line track, the other overlooks the carpack.

A month ago they were on sale for around £530,000 and £560,000. Today I was driving past and noticed that the billboard had changed to say 'prices from £619,000' Assuming that these flats had sold I went to have a look at what was still available and was shocked to discover that it was the same two flats with a markup of nearly 100 grand! I can't imagine anyone buying them at that price with a mortgage. Buy-to-let is also completely out of the question. The only logical explanation I can think of is that they were previously too cheap to come onto the radar of the foreign millionaire market. It's absolute insanity if you just look at the price of the flat but I suppose if you're seriously rich and can save tens/hundreds of thousands in tax by basing yourself in London then it starts to make sense. :angry:

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