Weekly Property Round Up
Post election we are beginning to feel the extent of a Conservative government in power, especially in the property world. Here are some of the property news stories that have got our attention over the past week.
Extension of the Right to Buy
In the Queen's speech this week, David Cameron revealed his plans to revive the Right To Buy scheme to include housing association tenants – allowing a further one million people the chance to buy their homes. There is concern that some places may become to expensive to live in. The speech also included the plan to build 200,000 further homes in the UK, which will be offered a 20% discount for first time buyers under 40. However, Boris Johnston slammed the proposal saying that the scheme is insanity if more council homes are not built in London.
London property going up, again
The end of the threat of mansion tax after Labour's defeat in the general election, has seen prices in London rise substantially. The City's £2 million-price houses are rocketing, according to getagent.co.uk, with the number more than doubling from 294 to 639. There has been a 17% increase in property prices in London since the general election.
Madame Tussauds- Sold!
One of the most famous tourist attractions in the world, London's Madame Tussauds, was sold this week to Taiwanese insurer Fubon Life. Previously owned by Merlin Attractions, the deal for the Marylebone property was reportedly worth £332.5m. The building has been home to the historic wax work museum for almost 130 years, the lease on the building lasts for another 27 years with an extension for another 70, with a current lease of 15.7m per annum.
Fancy spending £12m on a house with no roof?
A 300 year old, Grade 1 listed mansion on the Isle of Wight has recently been put on sale through Savills. The house was built in 1701 by Sir Robert Worsley and has had famous inhabitants, such as King Henry VIII and Thomas Cromwell. The one downside though: the roof started to collapse whilst troops stayed during World War 2 and to date has not yet been fixed…