June 25, 2008

Even the wealthy fear property prices

With the property market being a bit unsettled the last people that you would have thought of as giving up and selling off would be the wealthy investors who have made so much out of investing in the UK property market.

But it would appear that even these wealthy people have become a little scared at the prospect of holding onto their properties, probably fearing that the prices will fall to below the price that they paid for them in the first place.

However some investors have the golden touch, like Bob Diamond, former boss of Barclay’s investments, now working for Mayor Boris Johnson. He bought his Kensington house three years ago for £10.5 million, but has now got it under offer for £25 million.

Source [FT]