Sunday, November 9, 2008

Two-mortgages Prezza

Credit crunch will lose John Prescott £200,000 on luxury London flat

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.

Posted by little professor @ 01:44 PM (1277 views)
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15 thoughts on “Two-mortgages Prezza

  • he can afford it

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  • last_days_of_disco says:

    I remember going to a park in central London when we were visiting the Millennium Wheel on the south bank with my kids and then
    noticing kids of about twelve through fourteen dealing. It shocked me and convinced me that I didn’t want to take my kids anywhere near London centre in terms of a place to live.

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  • £450k for his mini castle looks like a bargain though, can hardly believe he only paid £26k for it back in ’92.
    Is Hull that much of a dump – wouldn’t have thought so.

    Just as a matter of interest where does Mr P. get the money from to buy a £700k flat at the age of 70. What’s his other income apart from Deputy PM (80-100k p/a) if that’s what he still is.

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  • mark wadsworth says:

    Beautiful!

    I have been saying for ages that one of the reasons that MPs are so desperate to prop house prices is because they all own second homes!! It’s naked terror and pure self interest on their part.

    And the best bit is, it WILL NOT WORK!!

    In future we can expect to see one article after another about this or that MP coming a cropper and selling at a loss. Hopefully.

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  • This just goes to show that
    1) the government is powerless to stop the crash, and
    2) even those at the top, in the inner-most circles, don’t know much

    As for the age thing, 70 isn’t that old in politics any more. John McCain is 72, and if he’d won the election would have been 76 by the end of his term. The oldest current MP is 82 year -old Ian Paisley. Presumably the banks that lent Prezza the money think he still has a good few years of earnings potential left.

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  • pounds weight or money?

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  • The Banks have no problem getting their money back nor does his immediate family have any worries of funding the mortgage in the event of his premature death – a life insurance policy ideally written under trust via a large insurer such as Zurich or Skandia will solve that problem

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  • str 2007,

    His expense allowance covers the mortgage payments on a second home in London.

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  • Should an MP lose money on their ‘essential’ second home in London, will they be putting in claims to the exchequer to cover the shortfall?

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  • Prezza a property magnate? Nah, more like a food magnet.

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  • “Is Hull that much of a dump – wouldn’t have thought so.”

    This sign is 100% genuine, created by the legendary Bill Drummond of 80s/90s band The KLF:

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  • It’s enough to make you sick!

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  • Paul

    Oh I stand corrected perhaps – at least they’ve got a sense of humour.

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  • gardeniadotnet says:

    It’s grim up North.

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  • in the early 90s, some house were selling in pubs for 200 quids.

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