Newspaper article The Evening Standard (London, England)

Kinnocks to Pocket [Pounds Sterling]1.25m Profit on Their Ealing Home; House Bought at [Pounds Sterling]445k for Sale for [Pounds Sterling]1.7m

Newspaper article The Evening Standard (London, England)

Kinnocks to Pocket [Pounds Sterling]1.25m Profit on Their Ealing Home; House Bought at [Pounds Sterling]445k for Sale for [Pounds Sterling]1.7m

Article excerpt


NEIL KINNOCK is set to make a [pounds sterling]1.25 million tax-free profit when he sells his London family home.

The six-bedroom house he and wife Glenys bought in 1992 for [pounds sterling]445,000 is for sale at [pounds sterling]1.7 million.

The former Labour leader bought in one of Ealing's best neighbourhoods in the wake of the late Eighties housing crash.

Now Lord and Lady Kinnock are said to be looking for a new home in the more upmarket Brondesbury Park to be near daughter Rachel and her family.

Lord Kinnock began life in a small terraced house in the Welsh valleys, then worth about [pounds sterling]100. He and his wife bought their first house in Ealing for [pounds sterling]42,000 in 1980, and moved to their current home in 1992. Average prices in Ealing have since risen more than 300 per cent to [pounds sterling]280,000.

The Kinnocks' successful property dealings - they also own a [pounds sterling]700,000 home in Wales - will add to their financial security, already guaranteed by generous European payments.

Kinnock was earning [pounds sterling]140,000 a year as deputy president of the European Commission until he retired in 2004, when he was offered [pounds sterling]270,000 of transition paymentsfor the first three years of retirement. At 65 he will get a pension of [pounds sterling]63,900 a year.

As an MEP, Glenys earns [pounds sterling]57,000 a year and can claim around [pounds sterling]100,000 in expenses. And the couple's son Stephen, 35, gets a taxpayer-funded salary for his job with the British Council.

How average prices have risen

2005 2006

price PRICE

Barking & Dag'ham [pounds sterling]36,403 [pounds sterling]170,326

Barnet [pounds sterling]69,950 [pounds sterling]321,973

Bexley [pounds sterling]43,188 [pounds sterling]201,266

Brent [pounds sterling]52,773 [pounds sterling]266,061

Bromley [pounds sterling]53,188 [pounds sterling]272,967

Camden [pounds sterling]121,219 [pounds sterling]498,702

Croydon [pounds sterling]41,535 [pounds sterling]222,043

Ealing [pounds sterling]65,872 [pounds sterling]281,658

Enfield [pounds sterling]51,517 [pounds sterling]232,984

Greenwich [pounds sterling]56,958 [pounds sterling]228,219

Hackney [pounds sterling]46,900 [pounds sterling]259,446

Ham'sth & Fulham [pounds sterling]98,766 [pounds sterling]437,855

Haringey [pounds sterling]64,346 [pounds sterling]288,080

Harrow [pounds sterling]62,851 [pounds sterling]267,824

Havering [pounds sterling]47,438 [pounds sterling]219,782

Hillingdon [pounds sterling]52,213 [pounds sterling]247,715

Hounslow [pounds sterling]64,717 [pounds sterling]278,812

Islington [pounds sterling]85,190 [pounds sterling]334,403

Ken & Chel [pounds sterling]180,073 [pounds sterling]827,553

Kingston [pounds sterling]65,579 [pounds sterling]290,528

Lambeth [pounds sterling]56,076 [pounds sterling]279,189

Lewisham [pounds sterling]43,090 [pounds sterling]208,025

Merton [pounds sterling]62,471 [pounds sterling]294,272

Newham [pounds sterling]35,540 [pounds sterling]208,988

Redbridge [pounds sterling]55,059 [pounds sterling]244,761

Richmond [pounds sterling]80,759 [pounds sterling]421,715

Southwark [pounds sterling]72,429 [pounds sterling]273,140

Sutton [pounds sterling]49,016 [pounds sterling]237,262

Tower Hamlets [pounds sterling]70,885 [pounds sterling]261,796

Waltham Forest [pounds sterling]41,506 [pounds sterling]208,371

Wandsworth [pounds sterling]42,777 [pounds sterling]364,456

Westminster [pounds sterling]153,363 [pounds sterling]637,954

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