Sunday, November 9, 2008
John Prescott's attempt to follow Tony Blair in becoming a property magnate is lying in tatters as he falls victim to the housing crash. A two-bedroom Central London flat the former Deputy Prime Minister bought for £740,000 with a mortgage last September has fallen in value by £100,000, say analysts. It is likely to have dropped by more than £200,000 in the next 18 months. At 70, Mr Prescott is unusual in being burdened by two mortgages. His 8 bedroom Hull home, which has turrets at the front and back, is worth about £450,000.