The Times reports on the scramble for notional apartments at The Stadium Highbury Square development. The word is that most rooms with views have already been snapped up by investors, whether professional or new-style pension investors taking advantage of SIPPS (which can already be applied to purchases of properties as long as they won't be fully built before the 2006/2007 tax year). The apartment won't be completed until between 2008 and 2010, which also makes you wonder whether there's whole bunch of flippers out there, too. Except... the prices:

Properties are selling quickly despite the eye-watering price tags: one-bedroom flats start at £290,000 and a mere parking space will set you back £30,000.

Even accounting for a hefty discount for buying off-plan, it's hard to see how the private investor, unable to squeeze out a bit more bulk discount, can be too confident of a profit, paying up to a third more than postcode market value. The Times's Paula Hawkins asks the sensible question: are middle-class Arsenal fans letting their hearts rule their heads? More, here.

Arsenal season ticket with that, sir? [August 16]