Irwin Mitchell Reacts To New Industry Figures

Specialist lawyers suggest that top end London properties continue to soar despite new figures released by the British Bankers’ Association highlighting that the rest of the London market is down on the year. 

Statistics reveal that top end London properties are soaring as singer Sting made a £13.3 million profit selling his central London townhouse for £19 million this year. He initially bought the property for £5.7 million, meaning his profit works out at £1.1 million each year since buying the property in 2003, disputing research stating that all of the London property market is cooling. 

Research released by the British Bankers’ Association highlighted that lending to first-time buyers in London, fell 10 per cent this year to £2.7bn. 

Similarly lending to home-movers dropped by 9 per cent to £2.8bn. Further insight highlights first-time buyers are borrowing more than ever to live in London, with the common loan size being 6 per cent higher on the year.