Proof if there is any that George Osborne will not allow property prices to collapse

homelessskilledworker

As George Osborne's austerity cuts continue to hit many Britons it appears his own parents are not feeling the pinch quite yet.


The Chancellor's mother and father have bought a new £10 million house in West London, but they have done it without selling their own £15million luxury home just a few doors down.

In order to downsize, 17th Baronet Sir Peter Osborne and Lady Felicity have put their current six-bedroom home on the market but will not sell until the housing market improves


Read more: http://www.dailymail.co.uk/news/article-2187292/Chancellors-parents-splash-new-10m-home--finding-buyer-old-15million-des-res-street.html#ixzz23ViZVgpK

Rinoa

Could you please stop shouting.

Daniel_Elkington

Bearing in mind that house prices in london move almost entirely independently to the rest of Britain this isn't really that relevant or helpful.

Someone rich buys a house is not really newsworthy.

homelessskilledworker

Rinoa wrote: »

Could you please stop shouting.

sorry

I just copied and pasted it, thats how it come out.

Loughton_Monkey

Sir Peter and Lady Felicity could be even richer if they rented the old one out. Must be a couple of families out there who Social Security are trying to house.

Presumably the bridging loan for the new one was made possible by the recent Government tranche of cheap loans to banks. No nepotism there, then....

chewmylegoff

Why is this proof that George Osborne will "not allow property prices to collapse".

Does anyone here honestly think that cabinet ministers formulate policies by reference to what would be the best financial outcome for their parents?

Anyone who answers "yes" to that question (which I suppose the OP has already answered "yes" to given the title of this thread) is a bit 'special', I reckon.

wotsthat

There are only so many mansions to go around and they've limited supply just because they are deluded about the correct selling price.

This can only push prices up for other hard pressed multi-millionaires. The ripple effect is proving disastrous for people wanting to buy in London as priced out millionaires are competing with policemen who somehow remember that average wages used to buy a really nice pad in Wimbledon.

If only they'd realise that £25m is pie in the sky and their house isn't worth a penny over £12.5m then all house prices would fall by 50%.

I for one refuse to buy a mansion until they are priced properly.

Loughton_Monkey

wotsthat wrote: »

......I for one refuse to buy a mansion until they are priced properly.

Don't blame you.

Far more sense than Sir Peter and Lady Felicity - who appear to be newbies in the property market - I suspect that, like me, you'd buy a detached, and not a terraced one!