Recession may still be casting its gloomy shadow over the Eurozone but looks like the property market has just been set ablaze. Britain's most expensive residential property, currently in a pocket listing, is asking for a humongous $381 million (£250 million).
According to the Independent, the home's price is 700 times the price of an average London home and is also 30 times bigger than a typical family home in London. Located at Carlton House Terrace, the mansion is just a few minutes away from the Buckingham Palace and offers beautiful views of the St. James Park.
Apparently, the home is owned by an elderly member of a Middle Eastern Royal Family who has been looking around for a buyer privately. A "strictly confidential" brochure describes the home as the 'finest residence of London'. The home has six stories. Since the listing is private, not much is known about the property. Only a black and white photo, taken in 1890 show large interiors, reports The Evening Standard.
The highest price recorded for the sale of a residential home till date is around $207 million paid for an apartment at One Hyde Park. Another home in Hyde Park was reportedly put up for sale with an asking price of $457 million. It hasn't sold yet, reports The Independent.
Meanwhile, home prices have been surging in the U.K. to reach record highs. A report revealed that home prices reached a three-year high in March, majorly driven by the price increases in London.
According to the figures released by Nationwide Building Society, home prices were up 0.8 percent from the figures of 2012 and around 0.3 percent from that of 2010. Home prices in England and Wales rose 0.3 percent.
Average property prices in London went up by 2.8 percent between January and March 2013. Prices are 4.6 percent higher than those of the first quarter of 2012. Average prices also increased 0.8 percent in Swindon for the first time since Feb 2012. Prices were up 15 percent in Camden and 10 percent each, in the areas of Newham, Fullham and Hammersmith.
The commendable rise in home prices can be attributed to the government's constant efforts to revive the housing sector. The Bank of England's "Funding for Lending" plan and Nationwide's "Save to Buy" strategies are some such schemes that have encouraged home buying activities in the region.
