UK House Price Record Hits New High

A six-storey Grade 1 listed Regency property, which is located in Carlton House Terrace and  just down the road from Buckingham Palace, is being advertised for a record price of £250 million. It is rumoured to be listed on the ‘grey market’ with a confidential brochure detailing the property circulating amongst the ultra-rich. The house, which is registered in the British Virgin Islands, is believed to be owned by a member of a middle eastern royal family.

With the average London property costing £370,000 this mansion is worth 700 times more. However, with the average UK property price sitting at a much lower £162,606, the property is 1,537 times more expensive. If the house was to sell for its asking price it would carry a £17.5 million stamp duty. The house boasts 50,000 sq ft of living space which translates as more room than a football pitch and is located amongst many commercial developments.

RECORD LONDON PROPERTY PRICE

For ‘security reasons’ little of the record breaking properties interior design is known. The brochure contains grainy black and white photos (see below) that were taken in the 1890′s as the owner of the property doesn’t want to advertise its contents. Despite the lack of in depth information about the property it is thought to contain a stunning double staircase and magnificent ballroom, both original features. The owner has reportedly spent millions to restore the property to its original glory.

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The building was originally used as a political salon and took roughly five years to build between 1827 and 1832. The First World War then saw the property being utilised as an Enquiry Department for the British Red Cross and also the Enquiry Department for the Wounded and Missing. Two of the houses stories are situated below ground and currently house strong rooms and the gargantuan boiler, although it is thought that there has been planning permission approved for their conversion into a cinema, spa or swimming pool.

PREVIOUS RECORD SAT AT £136 MILLION

The current owner has had the property since the 1970′s but has rarely used it. It has been described by a source, who spoke to the London Evening Standard, as sparse as “many of the rooms are completely empty and after so many rooms, one fades into the next.”  If the property was to reach its list price it would far exceed the previously held record for the most expensive property sold in London that went to a flat at One Hyde Park which sold for a staggering £136 million.

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The listing of this property is further reinforcement of the fact that the London property market shows no signs of slowing down any time soon. There were 5,115 sales of properties over £1 million in London last year, eight percent more than the previous year. If you were thinking of buying now would be the time to strike, prices will only continue to increase.

Written by Duncan Petrie | Sales Manager