... invented by the Evening Standard to describe the rich man's habit of allowing high-end property sit vacant while waiting for a good flip opportunity. The piece names Roman Abramovich, and his six empty Lowndes Square apartments, said to be worth around £21 million now. But he's not alone.

Yolande Barnes, head of research at Savills, said: 'Our latest figures show that in central London one in four of newly built properties is being bought as a pure investment, not to be let out. The buyers are clearly sufficiently confident of the future increase in capital values to make this investment decision.'

Actually, the Rat and Mouse has reported before on how this trend isn't limited to the super-rich. What we want to know, is whether the Government's plan to sieze homes that have been left vacant for more than six months and fill them with council tenants will extend to Lowndes Square apartments, too.

The Rat and Mouse - now with added search [January 29, 2007]

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