Qatar owned Shard in London creates market price gap.London Bridge London Bridge, granite, five-arched bridge formerly over the Thames, in London, England. It is 928 ft (283 m) long and was designed by John Rennie and built between 1824 and 1831. , a tower under development by London headquartered Sellar Property
Group Ltd and paid for by the Arabian Gulf Arabian Gulf: see Persian Gulf. state of Qatar, sell for 5,000 to 6,000 pounds sterling (US$ 8,069.5 to 9,683.4) per square foot totally eclipsing prices in the
surrounding area. A fact which has rung alarm bells at UK government departments facing the treat of an evolving a two tier price structure, with an upper echelon
created by foreign billionaires, and the real possibility that the Shard will pull prices upward beyond the reach of ordinary British families in that area of
True the Shard is a 1 billion pound sterling (US$ 1.6 billion), 95-storey tower complete with Candy and Candy-designed interiors and not very far from the famous Harrods
department store, also owned by Qatar. Yet the average price in surrounding London SE1, known as Southwark, stands at 520 pounds per square foot (US$ 839.2), less
than ten per cent of that in the tower.
Elsewhere in the London Borough
- Further information:
years, ranging from Bermondsey, Camberwell and part of Crystal Palace through Dulwich and the Elephant & Castle to Peckham and Rotherhithe. The majority of these
districts would not be considered as a gated haven of tranquility for the super-rich, yet most are considered central London The term Central London refers to the districts of London which are considered closest to the centre. There is no such conventional definition, nor any official one, for the entire area that can be called "central London". and prices for the best properties in this location
have surged by 44 per cent in the last three years. More than double the increase experienced across the capital overall, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. market data published by property
consultant Knight Frank.
Certainly, these kind of property values boosted by incredibly wealthy overseas buyers appear to disconcert the British governmentAAEs Department of Work & Pensions, who
view central London as Britain's most imbalanced urban environment. Certainly a topic for the recently re-elected Mayor of London, Boris Johnson, to get his teeth into, as
a study commissioned by Work & Pensions revealed that inner city London was currently home to a third of the most impoverished 20 per cent of the population, whereas
27 per cent reside in the richest 20 per cent band, with a paltry 12 per cent in the middle of the range.
Politically the current UK government, a coalition of Conservatives and Liberal Democrats, has been given a severe warning, by an electorate living through a period of
increasing austerity which has failed to ward off an economic recession, in the recent local council elections. The socialist Labour Party The name Socialist Labour Party may refer to one of several political parties around the world, and it has been used in particular by organizations that follow the ideas of Daniel De Leon. gained in excess of 800 council
seats from both parties to the coalition, forcing them to examine social issues like housing and what could turn into wealth driven social cleansing of whole communities in
Copyright Andy McTiernan. All rights reserved.
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|Publication:||Andy McTiernan Property & Economy Bulletin|
|Date:||Apr 20, 2012|
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