A Guardian investigation has revealed that a third of the mansions on the most expensive stretch of London's 'Billionaires Row' are standing empty, with some properties having been vacant for 25 years. The stretch of The Bishops Avenue in north London, ranked the second most expensive street in Britain last year, contains an estimated £350 million worth of vacant properties.
Among the empty buildings is a row of 10 mansions worth £73 million, believed to have been bought on behalf of members of the Saudi royal family between 1989 and 1993. These properties have fallen into serious disrepair, with water streaming down ballroom walls, ferns growing out of rubble-strewn floors, and animal skeletons scattered across rotting carpets. Despite the dilapidation, the Saudi owners are likely to have made a significant profit from the sale.
The avenue is home to media mogul Richard Desmond, members of the Saudi royal family, and billionaire art collector Poju Zabludowicz. However, many properties are registered to companies in tax havens such as the British Virgin Islands, Curaçao, and the Channel Islands, allowing owners to avoid stamp duty and remain anonymous. At least 120 bedrooms are empty in the vacant properties.
The revelations come amid a political row over how empty properties could help address a national housing shortage. Boris Johnson has called for higher taxes on owners of vacant homes, but the government has resisted council efforts to multiply council tax rates on properties left empty for two years. The proportion of empty properties on The Bishops Avenue is 10 times higher than the national average.
David Ireland, chief executive of the Empty Homes campaign group, said: 'This illustrates everything that is wrong with the London housing market. The high values are being used as an extreme investment vehicle at the expense of homes being homes.' One resident, Magdy Adib Ishak-Hannah, said he believed as few as three of the properties on the avenue were occupied full-time.
