'Natives' priced out of property market, says Ritchie (although it's not a problem for him)

Guy Ritchie has complained that British people are being priced out of the property market by "big money" foreigners who arebuying all the desirable properties in central London.

The film-maker and husband of Madonna railed against the rising price of property saying it was almost impossible to buy a house in central London "unless you've got 10 million quid".

"There hasn't been a property correction here for 20 years. House prices don't go down, they just go up. And the natives of England are sort of being left behind because the big money came in and if it wanted something, it bought it and it made a bigger fortune by doing so," he said.

In the face of the credit crunch and the growing instability of the housing market, many will welcome Ritchie's words. Others, however, will see only irony. Ritchie is, after all, married to Madonna, who has bought a multimillion-pound central London property – as well as the house next door – in recent years. In all, the couple are believed to own six properties in London as well as a country home in Wiltshire.

Ritchie, 39, currently lives in a £7m house in Marylebone with Madonna and their three children. The couple are believed to have bought the £6m house next door which they converted into a gym. Thet also own two nearby mews cottages and a Georgian home in Regent's Park, north London. Their country home is the Ashcombe estate in Wiltshire, which they bought for £9m in 2001. In America, they have an £8m house in Beverly Hills and an apartment in New York.

When Madonna bought the second Marylebone house last year, she was hailed as a "very shrewd investor in property". When bidding for the house, which was sold to her by the designer-developer Paul Davies, she is said to have faced stiff competition from the comedian Jennifer Saunders and the photographer Mario Testino.

Ritchie's comments come at a time when the property market appears at its most precarious for years, with first-time buyers finding it difficult to secure a mortgage. Since 1998, house prices have risen from an average of £70,696 to £191,556. That has led many to buy with minimal deposits, often using interest-only mortgages.

Ritchie spoke about how London had changed culturally as a result of the "new money that has come into the UK, partly with the Russian oligarchs". He said: "They have a unique way of doing business. They don't haggle – they double the price on everything. If it's going for £500m, they'll pay £1bn. So it has left everyone with their pants down a bit." Ritchie was speaking to Empire magazine about his latest film, RocknRolla, which he said was inspired by London's transformation over the past 20 years and how the city was "being touted as the new New York". The film involves Russian mobsters and a "couple of natives" who get embroiled in a property deal that goes wrong.

Madonna and Guy's homes

* A £7m family townhouse in Marylebone

* A £6m, 10-bedroom property next door

* Two mews cottages close to the Marylebone house, one bought for £900,000

* Two properties used by the Kabbalah religious sect: a £3.6m building in the West End used as its headquarters and a £1.6m five-storey townhouse in Regent's Park

* A 1,200-acre estate in Wiltshire, bought for £9m

* An £8m house in Beverly Hills

* An apartment in New York

Start your day with The Independent, sign up for daily news emails
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Arts and Entertainment
The sight of a bucking bronco in the shape of a pink penis was too much for Hollywood actor and gay rights supporter Martin Sheen, prompting him to boycott a scene in the TV series Grace and Frankie
footballShirt then goes on sale on Gumtree
Terry Sue-Patt as Benny in the BBC children’s soap ‘Grange Hill’
voicesGrace Dent on Grange Hill and Terry Sue-Patt
Have you tried new the Independent Digital Edition apps?
ebookA unique anthology of reporting and analysis of a crucial period of history
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
Arts and Entertainment
Twin Peaks stars Joan Chen, Michael Ontkean, Kyle Maclachlan and Piper Laurie
tvName confirmed for third series
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Guru Careers: Software Developer

£35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...

SThree: Trainee Recruitment Consultant / Resourcer

£18000 - £23000 per annum + Commission: SThree: As a Trainee Recruitment Consu...

Ashdown Group: UI Developer - (UI, HTML, CSS, JavaScript, AngularJS)

£25000 - £40000 per annum: Ashdown Group: UI Developer - (UI, JavaScript, HTML...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine