THE SALE of London’s most expensive flat was yesterday branded social cleansing by housing activists.
A penthouse at the exclusive One Hyde Park building in Knightsbridge was reportedly sold for a staggering £140 million.
“Our insane housing market is economically cleansing London’s workforce and creating a ghetto for the rich,” said Generation Rent spokesman Alex Hilton.
The exact price tag of Penthouse D wasn’t confirmed by property group CPC, which manages the residential complex.
But it is believed the multi-million pound deal sets a new threshold for the capital’s housing prices.
Tom Gann of the Southwark Tenants action group said: “This absurd price is symptomatic of a situation in which all kinds of London property function less as homes for us and more as investment opportunities for the rich.”
In April house prices had risen by over 10 per cent per annum, with the national average now standing at almost £200,000.
And an increase in the average London house price to £450,000 has been coupled with a spike in the number of homeless people.
Latest figures show that over 4,000 London families currently find themselves without a place to live.
“One £140 million penthouse could fund 1,400 affordable homes that people on ordinary wages could live in,” Mr Hilton added in shock.
The average London annual salary is currently £26,500.
For a typical working Londoner to afford Penthouse D they could expect to spend over 77 years of their lives giving up three quarters of their salaries on mortgage payments.