UK's most expensive repossessed house goes on sale for £30m

For saleRepossessions are generally associated with the lower end of the housing market, where cash-strapped owners find themselves unable to meet their payments. But this week, a property at the opposite end of the market is up for sale after repossession, for the knock-down price of £30 million.

And knocking down is just what's likely to happen to the 8,000 square foot house, named Dryades, that's currently on the site. The imposing building is being marketed by agents Knight Frank merely as a building plot.

Planning permission has already been granted for a 46,000 square foot replacement complete with 21 bedrooms, 14 bathrooms, 12 receptions and a swimming pool complete with sauna and steam room. On top of that, there will be a further six bedrooms and three bathrooms for staff.

Plans show an enormous, circular, central hall with spiral staircase, as well as a billiards room, cinema and bowling alley.

The house, which has an acre and a half of gardens, is on The Bishop's Avenue in North London, between East Finchley and Hampstead Heath. It was owned by a Pakistani tycoon Waqar Ahmed Khan, bought the house for around £12 million in 2005. However, it was used as security for a £50 million loan, and has now been seized by Deutsche Bank after a long-drawn-out High Court battle. It's now being sold by receivers M Downham and L Liddiment of Eddisons.

House repossessions are on the rise, according to homelessness charity Shelter.

""Most people think that repossession will never happen to them, but rising unemployment, rising living costs and high house prices mean that many people are living close to the edge already, and risk falling into a spiral of debt and repossession," says Shelter chief executive Campbell Robb.

"Housing is the largest monthly cost for many homeowners, yet the affordability of housing is not getting the same government attention as the monthly costs of other essentials such as food or energy bills."