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 Post subject: Re: London has popped.
PostPosted: Mon Sep 17, 2018 9:54 am 
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Property Magnate

Joined: Feb 19, 2008
Posts: 618
Bank valuations on London residential are down 10-15% from 2 years ago.
Houses under c. £1.5m in south London are being marketed at at least 15% discount to 2016 asking prices to gain traction - who knows what they will sell for. Flats south of the river are nearly impossible to sell unless they are very affordable to first time buyers.

Carney's worst case scenario may be just that, but its half way there already.


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 Post subject: Re: London has popped.
PostPosted: Fri Oct 12, 2018 7:15 am 
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Single Home Owner

Joined: May 21, 2017
Posts: 196
More signs of weakness in London market


https://www.bloomberg.com/news/articles ... rty-prices

Quote:
“Market generally slow, vendors have to accept that values have dropped. The future of the market depends almost entirely on Brexit negotiations.”


Good to know we're Brexit-proof :x


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 Post subject: Re: London has popped.
PostPosted: Wed Oct 31, 2018 2:09 pm 
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Too Big to Fail
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Joined: May 6, 2008
Posts: 4813
Location: the nearest faraway place
Quote:
This figure rises to more than one-third of buyers, or 36 per cent, if we look at the “prime” market areas of central London over the same period. Here, vacancy was measured by looking at homes with little or no “transactional data”, relating to finance, retail or other forms of administration, such as tax records and bills.

On this measure, we find that half of residences in new builds in general are empty, as are 19 per cent of dwellings across London’s inner boroughs. The likelihood that a home is empty rises alongside its market value: 39 per cent of homes worth £1m to £5m are underused, and 64 per cent of homes worth more than £5m. Of the homes owned by foreign investors, 42 per cent are empty.

https://www.citymetric.com/business/mor ... empty-4312

The last time I was in London the vertical ghost estates were as blatantly obvious as our own surplus back in 06. Loads of "exclusive living" sales banners hanging off the side of glass apartment blocks that had remained empty since the year before when they completed.

I won't be surprised if the foreign buyer isn't as big a factor in the market than institutional investors like pension funds.

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 Post subject: Re: London has popped.
PostPosted: Mon Nov 19, 2018 7:03 am 
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Nationalised
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Joined: Apr 1, 2010
Posts: 10820
The Grauniad wrote:
House prices fell by more than £5,000 on average in November, sliding fastest in Britain’s wealthiest towns as Brexit uncertainty gripped the property market, according to the website Rightmove.

In the largest November drop in prices since 2012, Rightmove said the average price of property coming to the market was down by 1.7%, or £5,222, on the month alone. It said the biggest falls were in London, where the typical asking price fell by £10,793 (a fall of 1.7%) and in the south-east of England, where prices were down £8,647 (2.1%).

The “ripple effect”, where rising prices in London spread around the rest of the country during the boom years, has now reversed, said Rightmove, with falling prices in the capital now spreading across the south.

More...

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