Never mind the mortgages
It’s been a tough year for those trying to get on the housing ladder. Mortgage rates have been at their highest in over a decade, adding tens of thousands to the cost of a new home.But things are still peachy at the top end of the market. In one small corner of Holland Park alone, at least four eight-figure property deals were completed in the past 12 months, Spy can reveal.One of the mansions was bought by former Santander MD Juan Ball, who snapped it up for a bargain at just £24 million. He appears to be seeking to redevelop it in a partnership with architect for the super-rich, Christopher Bodker.Nearby, a stunning house was bought by Indian healthcare billionaire Shamsheer Vayalil Parambath, for a steal at £31 million. And like many Holland Park properties, the other two sites bought are owned by mysterious entities in offshore tax havens.The four combined deals were worth £120 million – or about 400 times the average UK home. According to the pre-Budget rumour mill Chancellor Jeremy Hunt took a close look at scrapping inheritance tax, a move that would allow the houses to stay in the family, tax free, for the foreseeable future. It's alright for some.
City Spy is back!
Sign up to our brand new weekly newsletter for your unmissable round-up of all the gossip, rumours, and covert goings-on inside the Square Mile: standard.co.uk/newsletters
