Farnborough, Hampshire, has a private, exclusive roof-top car-park that can only be accessed by foot (or helicopter). It has been like that for the last 5 years, and both residents & council are utterly brassed off about it:
The Farnborough, Hampshire roof-top car-park; suitable for Flying Cars only (6 March 2016)
Farnborough has a shortage of parking spaces within the town centre, so this space would be a boon for shoppers. It is fully marked-out into 70 bays & ready for use, but has never felt the tread of a car tyre. If only there was a ramp to get up to it from the street…
Just to add extra bizarre details, Gareth Lyon from the Rushmoor Borough Council told Adrian Chiles of Radio 5 Live that he had been contacted by local parents after they received threatening letters from the building management. Their children had been stopped from playing football in the car-park, and the letters said that their children might damage cars parked in the bays (the only means of access is stairs, or a lift that might be able to accommodate a bicycle).
There is currently a gym under the car-park. The block was built in 2010, at which point the developers ran out of money. There was supposed to be a residential block built next door, with an access road to the street from that block (on the right of the photo above; if you look closely, you may be able to spot the gap in the parapet where the bridge was due to join the car-park).
Farnborough residents are now deeply cynical, after 5 years of zero activity, that anything will change soon with their unique car-park (suitable for angels, only).
London Has Experienced One Hell Of A Property Ride Over The Last Few Years But Is The Party About To End?
London Property is going crazy; the neighbours have been kept awake, way too much alcohol has been drunk and we all did things that we might have regretted but is the party finally about to end
Some parts of London have seen a massive increase in prices since the lows of 2008, with Hackney experiencing a 939% increase since 2008 . The party has created millionaires as well as creating an entirely new generation rent who are paying over the odds for their rental properties with absolutely no opportunity to get onto the ever elusive property ladder.
People Have Very Short Memories
We are currently in a unique situation; interest rates are at an all time low at 0.5%, there has been an under-supply problem in London for quite some time and the buy to let market has been boominmg.
However, there are a number of factors on the horizon that may soon change the picture completely
Interest Rates will not and cannot stay at 0.5% forever. At some point, the years of printing money or quantative easing will at some point come back and kick us in the backside. When this happens, the spectre of inflation will come back into the picture and when that happens the only only tool at the disposal of the Bank of England is interest rate rises.
With so many people so used to low interest rate rises, the interest rate shock that would be caused by even a relatively mild rise in interest rates will have a huge effect on property prices
The Buy to let market
The UK government has recently finished releasing some of the most draconian rules against buy to let as an investment that we have probably ever seen. The effect of punitive stamp duty charges for new buy to let investment, together with increased taxation on the rental income received
The effect of this – a flood of properties coming back on the market and a resulting reduction in prices
Well, there are certainly a number of London property home owners and indeed Mortgage Advisers hoping I am wrong but generation rent may soon have a much lower housing market to choose from