Blairs finally rent out house

As one newspaper remarked, it is a good job he is Britain's premier and not the finance minister. Tony Blair finally managed to rent out his newly purchased London house, but only for a fraction of the hoped-for rent, reports said today. The Blair family bought the house, in a fashionable square of central London, for a whopping 3.65 million [pounds] in September last year.

Intended as their home once they eventually leave the prime ministerial residence in Downing Street, the plan was to rent out the five-bedroom 19th century property immediately to help with mortgage payments ... but rather than the original weekly rental of ?3900, the Blairs will receive just ?2000, leaving them thousands of pounds to make up every month on the mortgage, the reports said.

For all his skill and luck in politics, Mr Blair has not shown a sure hand in London's infamously brutal property market. After moving to Downing Street in 1997, his family sold off their home in a fashionable north London suburb for what seemed a good profit, only to see the house re-sold in 2004 for almost three times as much again.

The new house in Connaught Square was seen by property pundits as an attempt by the Blairs to regain a foothold on the property ladder. However, the purchase came more or less as a long-buoyant property market in London peaked.

(2005-03-31 13:58:55 SGT) [Biz] Permalink

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