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Milton Keynes, destination of the global super-rich

Is the housing market really starting to cool, or is the heat moving to unexpected places? The number of mortgage approvals in May was down almost a fifth from a peak at the beginning of the year — reflecting tougher affordability tests and slower processing as a result of the Mortgage Market Review in April, as well as fears of interest rate rises. Bank of England restrictions on high-risk lending announced this week will add to the dampening.

Meanwhile, at the top end — the market for £10 million-plus London ‘super-prime’ properties — foreign buyers are reported by Knight Frank to be in retreat, deterred by the strength of sterling. As global recovery advances, the world’s rich are evidently less eager to sink fortunes into our bricks and mortar purely for safe-haven purposes.

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But there’s still money coming in from the turbulent Middle East, an informed source tells me, and many new arrivals think family houses in central London have become too expensive by any global measure. So where are these sons of the desert now buying? My man taps his nose. ‘Keep your eye on Milton Keynes. They actually like the place, they get value for money, and they can shop at Bicester Village every weekend.’

This is an extract from Martin Vander Weyer’s column in this week’s Spectator.

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  • Torybushhug

    Over on the Guardian the constant refrain is that Britain is in a downwards spiral to becoming third world. Isn’t it odd then that the world wants to come here and invest.
    BTW – Guardianistas going crazy today over Australia processing asylum claims at sea and rejecting the bulk of them, sending them back. Again why do migrants target anglo saxon nations like Australia, when the Guardianistas claim such places are full of racists?

  • Torybushhug

    A British Greek Cypriot mate of mine had a holiday in Malaysia and due to his very outgoing personality got in with a load of Malay and Chinese businessmen. He now sources and helps them buy property in Enfield and into Hertfordshire and Essex.
    BTW, to those saying foreigners cannot buy I hear ya, but on the other hand you find Brits have bought up much of Spain, France, Tuscany, Slovenia, Bulgaria, Cape Verde, Florida, Morocco and so on.

  • Lucy Sky Diamonds

    it makes me absolutely sick to the stomach.

    Time to limit residential property buying to British citizens only. Either that or impose massive tariffs which can then be spent on paying for more social housing.

    How can they justify selling our souls off to foreigners like this?

    • Shazza

      Another brick laid down in the path to islamification and dhimmitude for indigenous British people.

  • beenzrgud

    I went to Milton Keynes once, it was ….nice.

  • Diggery Whiggery

    “They actually like the place”

    I love the implied astonishment.

  • HookesLaw

    They won’t find much at Bicester Village. There is not much wrong with the villages and countryside surrounding Milton Keynes.
    But this is a non story based on a joke rumour thats been slotted into a headline thats been lying around at the back of the filing cabinet for years.

    • Lucy Sky Diamonds

      No it isnt, it is very true. I should know because I live in Newport Pagnell.

      you just enjoy making excuses for incompetent Tory governments.

  • swatnan

    … and also Spurs FC.

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