RBS and Nama will be the only seller in the London market for 2012 and 2013. Between them they will swamp the market will properties. Everyone else is off loading before they get going. The good times are rolling over here again…
Anyone have any idea if this buying frenzy is or will affect property prices in the south east generally. Reason I am asking is that I know someone who was burned by the last UK property crash (early nineties), came home to Ireland for 10 years, and is now once again a UK immigrant looking to buy in the south east. Last thing they need is to get back on the bandwagon just in time for the next crash – they want their next move to be back to Ireland for retirement – but they really want to buy as well. And the market seems to have heated up a lot in the last two years over there. I am trying to tell them to be cautious, but I don’t have a lot of knowledge to go on in terms of things affecting UK property. They are well outside central London, but inside the M25.
There is a new development at the Hammersmith end of High Street Kensington, ie a very long walk from the High Street Shops, or anything that gives the area its appeal, ie Kensington Gardens etc (a 15-20mins or so walk).
“Technically” its Kensington, but at the butt end of it! To the North u have a nice view of the White City council flats, to the back a view of alot of crappy commercial space (ie Homebase). Its basically a bit of a no-mans land at a very busy junction in a very commercial area.
Anyway, I saw an article where it was not being marketed in London, but only in Asia. The reasons are obvious…the GBP2k+ a sq foot prices are extraordinary considering you can buy places much better located for much less than that in good condition…but of course only somone who has been to London for at least a day would know that!!
Anyway, there have been some very successful developments in London charging silly money targetting rich foreigners, but at least they have all been very very well located. Looks like the standards are falling and developers getting greedy.
Typicaly the Hallmark of any bubble is when there is a rush to monetise the mania. Reminds me of pets.com, no profits,no revenue, no users, just “potential eyeballs”…that was the top of the interet bubble!