Reuters

Ritchie warns on 'natives' being priced out

Updated 08.48 Thu Apr 24 2008

Keywords: flat, house, london, property, guy ritchie, madonna

Flim maker Guy Ritchie has issued a warning regarding the property market.

Ritchie has said that 'English natives' are being priced out of the property market by new money being invested from abroad.

Ritchie said it was almost impossible to buy a house in central London without £10 million

Ritchie, who is married to popstar Madonna, said it was almost impossible to buy a house in central London without £10 million.

He has been making a film inspired by the way the capital has changed due to "new money" coming into the UK.

He told a film magazine: "There hasn't been a property correction here for 20 years."

He added: "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."

However, Ritchie and his wife are no stranger to property. Their properties include a £9 million country retreat, in Ashcombe House on the Dorset-Wiltshire border.

Ritchie's new film RocknRolla is due for release in September. It will star Tom Wilkinson, Mark Strong and Thandie Newton.