The American Interest
Analysis by Walter Russell Mead & Staff
London Real Estate Shoots The Moon

Shocking news from the UK:

The residential property in the ten most expensive London boroughs is now worth as much as all the housing in Scotland, Wales and Northern Ireland combined, says a study by the real estate group Savills.  The Financial Times reports that real estate values across most of Britain are down sharply after the crash, but high priced London real estate keeps getting pricier, in part because international buyers keep flooding the market. The three tony London boroughs of Westminster, Kensington and Westminster are worth more than all Wales, and the relatively small London suburb of Elmbridge has housing stock valued at more than the whole city of Glasgow.

One of the greatest of all Londoners, Dr. Samuel Johnson, believed that when a man was tired of London he was tired of life, and said that the noblest prospect any Scotsman ever saw was the high road leading to England. Dr. Johnson was firmly convinced that nothing in the British Isles or indeed the world equaled London for conversation and diversion. He would not be surprised by this turn in the housing market, and would if anything have wondered what took the rest of the world so long to figure out that a foot of London was worth a mile of Wales.

In other news, Britain’s last census revealed that London has become Britain’s first ‘majority-minority’ city. Less than half the capital’s population now consists of native-born white Britons. Presumably, they can’t afford to live there anymore.

Published on February 2, 2013 8:50 pm