London home 'biggest-ever' repossession
An £11 million home in West London has become the UK's biggest-ever home repossession.City financier Robert Bonnier bought the home last year, near the top of the property market.British house prices have dropped by over ten per cent since, however - with high-end London property still more badly affected.Mr Bonnier, 38, worsened his exposure by taking out loans to put in a series of costly improvements, including a swimming pool and a home cinema.It is thought that he originally intended to sell the Holland Park property on for £15 million.However, the creditors have now stepped in, putting the home on the market for £10 million.Mr Bonnier has refused to comment on the forced sale.However, an agent who has worked with the millionaire told the Times that he did not think Mr Bonnier would be reachable."You only have to look to see what has happened to him to understand why the house has been repossessed," he added.
Share this..
Related stories
Crunch time for Vauxhall in the UK
UK unions are set to hold high-level talks with General Motors with regards to the future of the General Motors Europe subsidiary, Vauxhall, in the UK. The meeting will also be attended by Lord Mandelson who has taken a watching brief over the situation since the subsidiary was taken off the market and retained in-house by General Motors. It is believed that the UK government is willing to come fo...
Read MoreFlood Insurance Is Now Secure For Many
Despite comments earlier in the year suggesting that the insurance industry would take away flood insurance from many UK homes in high risk areas, it seems that the powerful Association of British Insurers (ABI) has agreed a compromise deal with the government. In return for speeding up investment in the flood defence systems across the UK, the ABI has given the authorities a guarantee that affor...
Read MoreHas the UK economy been fatally damaged?
As we head towards 2010 with renewed optimism in some parts with regards to the UK economy, there are concerns that the UK has been fatally damaged during the credit crunch. It is no secret that a number of potential issues have been brought to the attention of investors including the massive debt problem in UK, a public sector which is now out of control and a government which is stuck between ru...
Read More3 Way Split On MPC Concerns Markets
As the minutes for last months Bank of England MPC meeting were released it soon became apparent that there is three way split on the committee with one voting to increase rates, one voting to reduce rates and the remaining seven voting to maintain rates at 5%. However, the general opinion outside of the Bank is that rates will fall in the short term to fight the economic decline and as a consequ...
Read MoreWill we see an investigation into energy prices?
Over the last 24 hours there have been further calls for an investigation into UK energy prices with British Gas, part of the Centrica group, reporting record profits yesterday. This comes at a time when UK consumers and UK businesses are struggling to cover their energy bills which have grown significantly over the last 12 months. However, is the sector regulator willing to take on the big player...
Read More