Guy Ritchie slams London property
Guy Ritchie has slammed the state of the London property market, accusing the world's super-rich of pricing ordinary buyers out of the market.
Madonna's husband said that residential property woes in the capital could be squarely placed on the shoulder of "new money" coming into the UK from America and elsewhere.
"The natives of England are sort of being left behind," the film director said in an uncharacteristically sombre interview with Empire magazine.
"House prices don't go down, they just go up," he continued. "The big money came in and if it wanted something, it bought it and it made a bigger fortune by doing so.
"And as anyone who has tried to buy a house in Central London knows ... it's almost impossible to do so unless you've got ten million quid."
Despite Mr Ritchie adding his voice to the chorus of analysts bemoaning runaway UK house price inflation, recent research has suggested the market could be heading for a sharp price correction.
The International Monetary Fund recently warned that UK property faces a 30 per cent downward price correction following years of speculative inflation.
Published 23rd April, 2008
© 2008 Estates IT Limited
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Guy Ritchie has slammed the state of the London property market, accusing the world's super-rich of pricing ordinary buyers out of the market.