If the banking crisis is threatening the size of City bonuses and property prices, then the news has not yet reached some in Canary Wharf.
The owner of a pair of penthouse apartments at Berkeley Tower, the tallest building in Canary Riverside, has put them on the market with a record asking price of £18.7 million. That’s £14million more than he paid for them three years ago
The total size of the properties are twice the size of the average three-bedroom semi, at more than 6,000 square feet. This means the cost is more than £2,700 per square foot, more than double the previous Canary Wharf record of £1,216 per square foot.
It is estimated that about 88,000 homes are valued at over £1 million in England and Wales, up from just 30,000 homes five years ago, according to figures by Halifax
When it comes to sales above the £1 million mark, the SW7 postcode has been in second place for years but this year it was matched by W8. The SW1X postcode, which includes Knightsbridge, remains in fifth place, behind NW3 (Hampstead). This may change when flats at One Hyde Park come on to the market with asking prices of at least £20 million each.
However, estate agents today warned that turmoil in the financial markets could see central London homes fall in value for the first time in more than five years. Property agency Savills says houses and flats in the £1 million to £3 million bracket will be stagnant at best for the rest of the year and could fall by up to five per cent.
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