£140m flat sets new London property record
London's red-hot property market has struck a new record with the sale of a €140m (€170m) unfurnished apartment, but even the developer of the opulent building warned that some asking prices in Britain were unsustainable.
Buoyed by the wealth of Russian oligarchs and Arab and Chinese tycoons, London has become one of the world's most expensive markets, raising concerns ahead of national elections in 2015 that locals are being squeezed out of the market.
"We're in boom-time prices, more expensive than we've ever been in the history of mankind," said Nick Candy, one of the developers of London's One Hyde Park luxury apartments, above, at the pinnacle of the capital's super-prime residential sector.
"There is a concern over the market overheating," he told Reuters. "Everyone thinks the main central London is doing so well, (so) the ripple effect is going throughout the UK, and some of the prices being achieved are probably unrealistic and not sustainable."
House prices across Britain are rising at about 10pc a year, prompting some top policy makers at the Bank of England to sound increasingly concerned about the risks to the broader economy.
A source said an Eastern European buyer bought a penthouse at the One Hyde Park apartment block for a record £140m.
Mr Candy confirmed that a 16,000 sq ft penthouse had been sold but declined to comment on the price or name the buyer.