Multi-millionaire celebrities will not be able to buy new houses in Kensington and Chelsea if local councillors get their way.Plans released by the council last week would mean only people who live in the borough or their families will be able to buy private properties, so celebrities looking to move into the prestigious area would have to prove a family connection. James Cotton, mortgage specialist at London & Country, says: “I have heard this idea before, mentioned as an option for areas such as the Lake District and Cumbria which are prime areas for second homes but also have a local community to cater for. “These are the sorts of areas that would be good for first or second-time buyers but instead are snapped up by people who can pay cash and who then use the place for only for one or two weeks in the year. It makes it harder for ordinary, local house buyers to get a place. “But it’s a different kettle of fish in Kensington and Chelsea as it is so expensive and people who have family or who already live in the area need to buy houses themselves, so the plans could help them.” Stars who have already made the Royal Borough their home include Robbie Williams and Madonna. But with houses all over the world, often celebrities’ properties are left empty throughout much of the year. Almost 10% of the Kensington and Chelsea’s houses are registered as second homes. Daniel Moylan, deputy council leader and cabinet member for planning policy at Kensington and Chelsea, says: “We have a population of elderly people and people in affordable housing on the one hand and rich whiz kids in showbiz on the other. “You don’t see kids playing on the streets now. That can’t be right.”
The understanding of affordability in the popular media and among clients must be promoted as it is increasingly being used by lenders with generally satisfactory results, says Brad Baker
Flower director Trevor Youens is to leave the company and join Home Information Pack specialist the Live Organisation, at the end of this month. Youens has been with Flower for four years but says it’s time to move on. He will be joining Live, part of the First Title Group, as director in a few […]
Ahead of its AIM flotation, Elephant Loans & Mortgages says the float is oversubscribed. As of November 17, the company say over 21 million shares had been sold at 3p per share. This represents 10.34% of the issued share capital of the company immediately after placing.
From John Nicholls
In 2016, Cormac Weldon expects the economy in the US to favour selected smaller companies in housing, airlines and technology.
News and expert analysis straight to your inboxSign up