In the decade 2001 to 2011 the value of British housing rose by a record 84% even accounting for the depression in housing values following the financial crisis of 2008.Therefore a house purchased in 2001 for £100,000 would on average be valued 2011 at £184,000.
However, if your property is at the upper end of the market something remarkable has happened and can be illustrated by the case of Nigella Lawson and Charles Saatchi who recently sold a property purchased conveniently in 2001.
Charles 'snapped up' his apartment in 2001 for £3.8million (two years before they were a couple).
They have just sold their apartment to a property developer, having discounted it £11 million pounds less than their original asking price yet have still made a profit of £21 million! (Yes it had been valued at £36 million!)
Therefore, despite the worst financial crisis since the great depression, the most expensive properties in this country have risen in value be over 550% in the last decade... thats about six and a half times more than 'regular' property prices.
A market so boutant can only indicate that there is a huge pool of cash at the top end of the market driving prices ever higher.
The only conclusion we can draw form this is that the rich are increasing their collective wealth exponetially... and it is only us who are paying for the crisis though job, pension and pay cuts.
