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Squatters becoming an issue in the UK property market

Confirmation that squatters have taken up refuge in a multi-million pound house on The Bishops Avenue in Hamstead, north London has shocked many millionaire neighbours in the area. Apparently the property, which is now derelict, was acquired by a Nigerian couple eight years ago but what has happened since then is something of a mystery.

The three men who are living in the property are from Romania and France and while they claim to have cleaned up the house and reconnected the electricity and water supplies there are concerns that squatters will become a significant issue in the UK property market. As more and more homes across the country are repossessed we are sure to see a growing number of empty properties which could ultimately catch the attention of so-called "professional squatters".

Despite attempts by the Tory government to reduce the power and rights of squatters in the 1980s, there are still legal implications with regards ultimate ownership of such properties although these are still somewhat shrouded in mystery. While the squatters occupying the £3 million home on The Bishops Avenue is an extreme example of what is happening, it does highlight the suffering of many people who have exposure to the UK property market.

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