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Mortgage Brokers Moving Into Fairy Land Property Prices

Feb 25, 2008
House prices have taken a ridiculous turn of late with prices soaring way beyond the means of the average pay packet. Mortgage brokers certainly have their work cut out at the moment, trying to get good property deals for the mortgagee.

Bishops Avenue in Barnet, London, dubbed Millionaires Row has now been promoted to Billionaires Row because of the elevated prices buyers are having to outlay. The Sultan of Brunei and the Saudi Arabian royal family are among the prestigious owners of residences here.

A Turkish businessman who is the proud owner of a mansion on Billionaires Row has had his house on the market for some time now. During that time the price has increased from 30 pounds million to a whooping 50 pounds million. This house was constructed on an area of land that was left empty after squatters burnt down the previous building. Two houses were built on this piece of land, each of the size that could accommodate half of Eastern Europe with grounds enough to hold an Olympic stadium.

It would certainly take some negotiation on the part of the most experienced mortgage broker to secure a worthwhile deal on that, or the property just along the road. A neo-Classical creation with Grecian style pillars and a green copper roof certainly stands out from the crowd. Housing a 30' dining table (back to the Eastern Europeans!) a Turkish bath for 20 people, a swimming pool with glass bridge and a staggering four kitchens, this 'house' sounds more like a hotel.

It would seem logical that people who can afford these types of residences, and who normally only use them for part of the year due to them having several homes around the world, would have no need for a mortgage broker. This is not so. They don't get rich by throwing their money around. Mortgage advice to secure a good deal on a property of any size is essential.

When an 86 year old war pensioner was looking to buy his property on Sandbanks on the Dorset Peninsula 35 years ago you can be sure he took advice from a mortgage broker. At 60,000, pounds this was quite a princely sum to pay out for any property back then. Now, however, he is simply laughing.

This natural harbour has become the fourth most expensive place to live in the world behind such prestigious places as Hong Kong, Tokyo and Belgravia. Situated between Poole Harbour and Bournemouth, this small area of land is sought after by the rich and famous, with residents like the above mentioned gentleman getting a little fed up that it's turning his mini paradise with incredible views into a celebrity playground.

The 60,000 pounds house is now worth 10 pounds million and the owner refuses to sell. Understandably, he says what would he do with all that money? He could travel the world in his old age but nowhere else would he feel so at home and nowhere else would he get a view like that.

Let's just hope global warming and localised flooding doesn't reach this tiny island.
About the Author
Property expert Catherine Harvey looks at the extortionate house prices and how a mortgage broker is still needed. To find out more please visit http://www.pennypeople.co.uk/
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