I was over for a day trip recently, it was staggering to see the amount of construction going on there…will be interesting to observe once that comes on stream
Yeah, that’s going to be a nasty nasty slump.
Will capital flight out of sterling make it much more pronounced than what the natural downturn cycle would have been anyway?
Seems like a potential perfect storm of people holding overvalued investment properties in a devaluing currency that’ll be undesirable over next 2 years?
Have I got that wrong?
Not London but interesting from the foreign property investor perspective, Manchester is a target too.
manchestereveningnews.co.uk/ … s-12752872
50 out of the 73 investors from Hong Kong alone.
I found this utube clip from Hong Kong about the protests and at 20 seconds in you don’t need a translation to see the negative perception of investing in the UK.
I’m reminded of groups of Irish investors buying property in places where they’d never been to or had knowledge of the local laws governing their investment. Seemingly in Hong Kong there’s good laws protecting deposits but commonly many presume these laws extend to the oversees properties bought through Hong Kong agencies.
I’d imagine once the perception of London property bust takes hold these kind of foreign investors will be bolting for the exits.
London’s Unsold Luxury Homes Now on Airbnb
I wonder how different our crash would have been had Airbnb been available ?
If that London chart is a post Brexit swoon then there’s going to big trouble when the rest follows.
God forbid already expensive housing actually dropped a percent or two.
The British have already played so many cards to keep the chadrade going. They can’t have much of a hand left once if a panic does set in.
I haven’t been looking but Mrs Catbear tells me that rentals she’s been tracking in our area in north east England have dropped 10-15% in asking since we we arrived just after the brexit vote.
And then there’s this -
Today from Zerohedge
Buy a gaff, get a car…
Buy a home, get a car free – offers galore as London estate agents struggle to sell
Incentives include stamp duty subsidies of £150,000, iPads, sound systems and travel deals to lure buyers to purchase in the capital’s affluent districts
Mad article isn’t it? I wonder where else we saw schemes like that?
It woz the EUROcrats wot crashed the house prices! There you go I just spun a 1% jump in the polls for the Tories.
Meanwhile the value of GBP has fallen relative to (e.g.) USD/EUR, so a nominal drop in GBP prices is an even greater drop in “absolute” terms
Quarter of £1m-plus homes being sold in secret - ft.com/content/fa111f08-4b9 … 14ce4af89b via @FT
I.e. for sale but not advertised
A London based mortgage broker I work with reckons the upper end of the market is already down 20%.
And still dropping.
What exactly do you mean by upper end?