Britain: Tiny 1 BR, Sliver Vu

Tiny 1 BR, Sliver Vu

Housing is dear in London, but $60,000 for a broom closet? That was the asking price for a 5 1/2-ft. by 11-ft. room on Princes Court opposite Harrods department store in the affluent Knightsbridge section of the city. Though the cubicle had indeed been a broom closet, it was gussied up with a concealed kitchen sink, Laura Ashley wallpaper and a tiny window.

The astonishing price tag drove home just how superheated London's upscale residential-property market has become. The reason: a recent influx of cash- rich foreigners, most notably Arabs and Americans, and well-paid fugitives from the so-called "stockbroker belt" south...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!