Apr
12

Mortgages for Million-Pound London Homes Highest in 10 Years

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Homeowners are stretching themselves to buy the most expensive properties in London.

Fifty-eight percent of people who bought homes for 1 million pounds ($1.42 million) or more in the capital last year had to use a mortgage, according to data compiled by Hamptons International. That was the highest proportion in 10 years and compares with 31 percent of buyers during the financial crisis in 2009, the broker said.

“In the more expensive parts of London and south east England, a 1 million-pound home is now more likely to be a normal home rather than an oligarch’s mansion,” Fionnuala Earley, director of research at the broker, said in the report…

Mortgages for Million-Pound London Homes Highest in 10 Years

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