Anorak

Anorak | Polly Tonybee misses the point about Kensington and Chelsea property tycoons

Polly Tonybee misses the point about Kensington and Chelsea property tycoons

by | 4th, August 2017

Polly Tonybee is writing about London property in the Guardian .

Empty property bought by investors to sit unused is a scandal the Guardian has exposed this week, finding 1,652 in the Grenfell borough of Kensington and Chelsea alone.

Why is buying expensive property a scandal? Tonybee says these “mothballed houses” ares”sitting there as gold bullion in the bank, not homes for anyone.” Are the kind of people who can afford to rent gold bullion-homes are of prime concern in the poster pats of London?

Even the prospect of collecting £10,000 a month is not enough to encourage wealthy owners to fill their vacant properties

Rich invest money to get richer. Not exactly news, is it, let alone a scandal on a par, say with blood diamonds or blowing the crap out of oil-rich Iraq? (What changes his mind?” asked Tonybee in 2003. Her question was rhetorical because she swiftly answered: “Only the barrel of a gun up his nostril.”)

She then adds this and it’s great:

What happens at the top end of the market knocks on all down the chain – and what’s happening at the bottom is a disaster.

She’s right. And the top end is booming. If the big property

You have already read 1 premium article for free today
Access immediately the premium content with Multipass

Or come back tomorrow



Posted: 4th, August 2017 | In: Broadsheets, Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink