A former Mayfair club is set to be transformed into a £250million ultra-mansion after planners agreed proposals to re-develop Cambridge House and create a 45 room palace, which will have a 35,000 bottle wine cellar inside.

House sales in October saw a sharp jump due to house sellers realising that they had to significantly lower their asking prices if they wanted to sell their homes and not linger for a long time on the housing market.

More than 14 million homeowners in America now owe more on their mortgages than what their houses are actually worth. Although house prices have actually risen in the third quarter experts are saying that the broader economy can still shock.