Buy apartment to keep an aristocrat or how the British property market works

Buy apartment to keep an aristocrat

If you go to the UK and buy a London flat you will find that you have to pay a kind of rent. ¿Car? Yes, because much of the soil of the capital held since ancient times to some aristocrat and pay for it.

Five years ago, the magazine ‘Country Life’ made a thorough investigation in Britain to know who owned the land. Britain Island covers 230,000 km2. According to the study, more than 70,000 belong to some 36,000 km2 aristocrats, heirs of noble titles of the early Middle Ages, from the Norman invasions.

Real estate developers can lift housing and office buildings, but they are not the owners of the soil. The inhabitants must pay rent all these aristocrats caravan.

The largest single owner is the Duke of Buccleuch and Queensbury which has almost 1,000 km2 in England and Scotland. Your estate is valued between 1,100 and 1,300 million euros.

The second richest nobleman in the land is in a foundation called Trustees of the Duchy of Atholl. John Murray is the current Duke of Atholl and his fortune in the land is worth 502 million euros.

The third is best known. Is Prince Charles, he keep the title of Duke of Cornwall perform by Henry III in 1377. It has 540 km2 with a value of between 1,400 and 1,600 million euros.

The noble room that has largest is the Duke of Westminster. It has 530 km2, many of which are in the City of London. To administer it has an army of 1,200 people in its real estate Grosvenor. The value of its assets: 8,290 million euros.

The fifth in the list of Ralph Percy, Duke of Northumberland. 520 km2 has a value of between 1,100 and 1,300 million euros precisely in Northumberland. Many will sound them this landscape because it is the one in the movie Harry Potter.

And British crown? It has 1,450 km2 whose value is higher than the 9,000 million euros. That heritage is administered by the State, which goes, so to speak, as well, a juicy pension to the royal family. Much of these areas are located in the city of London in the West End. The rest covers from the mines of Portland, Dorset to animal farms, or the forests in Scotland.

But nobility is not the only big ‘landowner’ in that country. There are institutions that own more land. For example, the largest owner is the State, through the Forestry Commission. It has 10,000 km2 and is responsible for maintaining the country’s flora. A tenth of the land rents to the smallholders.

The funny thing is that these noble receive aid from the Agricultural Fund of the European Union. An investigation by ‘New Statesman’ revealed that the Duke of Westminster annually received one million euros for their property of Grosvenor Farms; the Earl of Plymouth, 930,000 euros; the Duke of Buccleuch, 360,000 euros; the Duke of Devonshire got 348,000 euros; and the Duke of Atholl, 320,000 euros for its castle in Blair.

It is also a lucrative business for Windsor. The queen receives 570,000 euros for its royal farms and 433,000 euros for the land of the Duchy of Lancaster while Prince Charles receives 175,000 euros by the properties of the Duchy of Cornwall.