Around 250 homeless and beleaguered survivors of the devastating Grenfell Tower fire will be rehoused permanently inside a £2billion luxury Kensington development, it was revealed today.
The 68 one, two and three bedroom properties have been bought for just £10million and will provide refuge for families who lost everything in the blaze that killed 79 people a week ago.
Apartments in the Kensington Row development are currently on the market for between £1.5million and £8.5 million. The flats have been bought by the Corporation of London, which will run them as part of its social housing stock.
Housing affordability, or the lack of it, has been a topic dissected ad nauseam in Australia and New Zealand, so it may come as some surprise that other world cities are looking here to curb their own woes.
As hard as it might be to believe for Aussies and Kiwis looking to get a foot on the property ladder to believe, one city in particular has sought inspiration from Australian housing policy and seen an almost 20 per cent drop in house prices.
Literally rising from the ashes, pint-sized Phoenix House is built on top of a lava flow at the base of the world’s most active volcano in Hawaii. The unique one-bedroom property is located four miles away from Mauna Loa on Big Island, which has erupted 33 times since 1843, the most recent time being in 1984.
While it might not appear to be the most suitable location for a home, its owner insists that it has an otherworldly appeal. Guests are now being invited to stay at the spot – if they dare – for £98 a night via Airbnb .
President Barack Obama and his wife Michelle have bought the Washington DC house they have been renting since leaving the White House. It is believed to be the fourth house owned by the couple.
The former President of the United States and his wife have paid US$8 million (NZ$11.4m) for the Kalorama property that was formerly owned by Bill Clinton’s press secretary Joe Lockhart and his wife, Giovanna Gray Lockhart. The Lockharts sold the house in 2014.
It started with the idea of home hosting, but now Airbnb has transformed into a massive hospitality enterprise that has spawned a new growth industry in servicing.
There are 20,000 Airbnb listings in New Zealand and while many people still offer rooms in their home to paying visitors, a lot of the growth is in holiday houses bought expressly for the purpose of making money through Airbnb. These properties need managing – cue the huge rise in the number of property management companies offering such services.
An Australian asset manager is liquidating its Australian shares funds and returning “hundreds of millions” of dollars back to its clients, citing an impending property market “calamity” and the “overvalued and dangerous time in this cycle”.
“We think that there is too much risk in this market at the moment, we think it’s crazy,” said Philip Parker, who serves as Altair Asset Management’s chairman and chief investment officer.