Price of Tony Blair's mansion drops by £560,000

Wednesday September 2, 2009

The value of former prime minister Tony Blair's main home has dropped by more than half a million pounds.

The Connaught Square mansion in central London, which Mr Blair and wife Cherie paid £3.65 million for in 2004, has decreased by an estimated £560,000 due to the recession.

After purchasing a mews house directly behind the property for £1.27 million in 2007, the couple's spending on the house amounts to £4.92 million.

Now, an estate agent has valued the 5,400 square feet pad at £4.36 million.

"We estimate that, in real terms, the property has probably lost about 23 per cent of its value since the market peak in 2007," the agent says.

"He will need to hold on to it for several more years to see a positive return on his investment."

When the Blairs initially moved there, prices in the area increased, in part due to the 24-hour security they brought with them.

The couple also own a mansion in Aylesbury and two flats in Bristol.

Photo: ę PA

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