When a family or couple have enough savings to invest, in order to buy  the dream house, it is exciting…but, what if the initial plan is not going into the right direction?! A lot of bad surprises occurred during the latest recession.

The sad and incredible situation of having your own property repossessed is not fiction.

Housing repossession infographic

Working hard to save enough just for the deposit is already hard. But when there is job loss and bills to pay, there is without a doubt a bottleneck, hard to negotiate.

It must be heartbreaking to have something which required so much effort taken away from you. The purchase of a building, whether an average house or a mansion, is never a small game.

But in the financial news, the UK’s most expensive repossession is up for sale….for £30 million!

The house, named Dryades, is located in the centre of The Bishops Avenue, a leafy street in North London… Source

The rather impressive and almost unreal news is the potential demolition and replacement by a gigantic mansion with:

  • 21 bedrooms,
  • 14 bathrooms
  • 12 reception rooms.

In this particular situation Deutsche Bank is the actual owner. So, it is a serious game where financial investment is taken at a different level.

If all goes forward in the future transaction, the redesigned mansion could be worth £100 million – there will be an underground swimming pool as well.

Who said that recession was over to leave room for such extravagant development? Are property management consultants seeing  positive movements within the residential and commercial sector?!

It is sure that in specific cities where students are present in high numbers, empty office spaces are starting to become luxury flats for wealthy families having their son/daughter spending 2 to 3 years studying. Developers are rubbing their hands because there is no money objection as parents want the best for their children with high-end equipment and all comfort – it all looks like private hotel rooms.

Luxury student accommodation - Paris Gardens - Picture: London Media

 

Will this kind of unfortunate matter happen again when the actual deposit will be reduced in order to give access to first home buyers? Some experts are already saying that the original steps will be all fine but… the house prices could rise again and in the end the future proprietor could pay far more than initially thought. To know more about the Help to Buy scheme read more details HERE.