London Property Smashes UK's House Price Record As It Goes On Sale

London Property Smashes UK's House Price Record As It Goes On Sale

A London house is set to smash Britain's price record after going on sale for US$ 388 million - 700 times more than the US$ 565 thousand average property value in the capital. With 4645 square meters of living space, it is 30 times bigger than a typical London family house.

The new owners of the Grade I listed Regency property, described as the biggest private home in central London, would be neighbors of the Queen and enjoy views of St James's Park. The price tag comes as figures show million pound property sales in the capital boomed last year with the total passing 5,000 for the first time.

New figures from agents Savills show that demand for multi-million pound homes in London is reaching new highs despite the global economic doldrums. There were 5,115 sales over US$ 1.9 million in London last year, eight per cent more than 2011 and 12 per cent more than in 2007 the last "boom" year before the banking crash triggered a temporary collapse in prices.

The house on 18 Carlton House Terrace is in the hands of an elderly member of a Middle East royal family (some sources refers Saudi Arabian royal family) who is discreetly trying to find a buyer. The mansion is at the end of a quiet street between the Mall and Lower Regent Street that was once the most fashionable address in London. The house has four storeys above ground and two below that currently hold facilities such as the huge boiler and strong rooms that could be converted into a basement with swimming pool, spa and cinema.

The stuccoes mansion, built to a design by John Nash between 1827 and 1832, was once one of London's most important and glittering political salons. In the First World War the property served as the the Enquiry Department for Wounded and Missing, the British Red Cross and Order of St John from where thousands of British families learned of the fate of their loved ones.