Buying a House |
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Celebrity homes By Sam Barrett
Bumping into a celebrity in your local shop or while out walking your dog makes for great dinner party conversation - especially if they were in their curlers or stocking up on the sherry. And, with programmes such as Big Brother creating more Just like anyone else, celebrities like to live near their work as well as an array of good amenities. Philip Eastwood, partner in the Notting Hill branch of Knight Frank, has dealt with many famous people moving into the area. "They've all been remarkably down to earth," he says. "They want to live near their friends, just like anyone else." London life Understandably, London is a magnet for many celebrities. As well as being home to much of the entertainment industry, it also has good transport links, making it easy to get to an agent's meeting in Hollywood or a film shoot in Paris. Although London house prices, means that just about every borough has at least one or two famous residents, some areas have more appeal than others. For instance, Hampstead in North London is home to a number of celebrities including George Michael and Ricky Gervais. West London also has its celebrities, as Alex Thompson from estate agents Winkworth explains: "Notting Hill has long been a celebrity hangout, even before the eponymous Hugh Grant movie - a sort of mini, albeit much colder, LA scene pervades the area." Among the celebrities who have made Notting Hill their home at some point are supermodels Elle Macpherson and Claudia Schiffer, film director Richard Curtis, and Robbie Williams. Living next door to these types doesn't come cheap though. For instance, Winkworth currently has a semi-detached, four-bedroom house on a tree-lined Notting Hill street, under offer above its asking price of £2.25 million. Outside London Many celebrities like to leave the Big Smoke behind, settling in towns and villages within an hour or so of London. Surrey is a particularly popular location, with towns such as Cobham and Weybridge offering attractive property. The St George's Hill estate in Weybridge is particularly popular among celebrities, with the likes of Elton John, Ringo Starr and Tom Jones all living there. It recently lost one its long-standing residents, Cliff Richard. The six-bedroom property, which came with its own swimming pools and tennis courts, was put on the market for a cool £6 million when Cliff decided he needed to downsize. Richard Winter, director of the Esher branch of Savills, says that celebrity homes in the area can cost anything from a modest £1.5 million to £12 million or more. "There are a lot of music industry people in this area, ever since The Beatles made it a popular location in the 1960s. We've also dealt with a lot of football players, especially the Chelsea team." Up North The North of England also has its fair share of doorsteps for the paparazzi to hang out on. A prime example is Alderley Edge in Cheshire - an area where more champagne is drank per person than anywhere else in the UK. Alderley Edge is close to Manchester, and home to several football players including David Beckham, before he headed to Spain. Additionally, the Coronation Street set is close by, with some of its stars also making it their home. Country boltholes As well as a main residence, country boltholes are another popular property purchase among the rich and famous. Anthony Coaker is the head of the Cirencester branch of Savills, which deals with celebrity hotspot Coln Valley in the Cotswolds where the likes of Kate Winslet, Liz Hurley, Anne Robinson and Kate Moss have set up home. He explains that as these properties are often second, or even third, homes, they tend to have certain characteristics. "An edge of village location is particularly well sought after". According to Coaker, the ticket for this type of home in the Cotswolds is between £2 million and £4 million. Above this, he says, and it's too much hassle as a second home. Celebrity neighbours Having celebrity neighbours doesn't necessarily mean you're going to make a killing when you sell your home. Eastwood says that although living near the rich and famous can give your home more appeal it can also turn off prospective buyers. "People don't buy because a celebrity lives next door and sometimes it's sensible not to advertise that you live close to a celebrity", he says. "Would you want the press standing outside your door all the time?" Celebrity homes Buying from a celebrity has its pros and cons. Cash and a busy lifestyle means they want their home well decorated and kitted out with all the best equipment. Great if you share their taste and want to move straight in, but there will be little potential to add value through home improvements. As well as buying property to live in, many celebrities choose to invest in buy-to-let property. Ray Boulger, senior technical manager at independent mortgage advisers John Charcol, says that he advises a number of high-profile customers on their buy-to-let investments. While most celebrities keep quiet about their buy-to-let investments, using property management companies to find and look after tenants, a few have gained more publicity than others. Publicity blunders Last year's Celebrity Big Brother winner Chantelle is looking for buy-to-let property around the Olympic site to provide for her when her 15 minutes of fame are over. Cherie Blair's purchase of two Bristol flats in 2002 gained her and her husband plenty of press coverage when it was discovered that she'd used a convicted fraudster to help her buy the property. Publicity blunders aside, owning a buy-to-let property satisfies a number of investment objectives. Alongside shares, fixed interest and cash it helps to give you a balanced portfolio. Additionally, for anyone with an irregular income, for example an actor, the rental income from a buy-to-let property could save them from a spell as a waiter when work runs dry. But, just because they might have more money doesn't necessarily mean a celebrity will buy a more expensive buy-to-let property. "You won't necessarily make more money if you rent out a very expensive property," says Lee Grandin, managing director of buy-to-let specialist mortgage brokers Landlord Mortgages. "Like any other savvy property investor they'll be looking for areas with good potential for capital appreciation." Mere mortals So while high property values may have priced us mere mortals out of some of the areas they live in, at least it may still be possible to make money by buying in one of the areas where they're seeking out buy-to-let properties.
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