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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: 631
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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Neo Landlord

Joined: May 21, 2017
Posts: 232
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: 4881
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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Those who don't study history are doomed to repeat it. Those who do study history are doomed to watch everyone else repeating it.


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 Post subject: Re: London has popped.
PostPosted: Mon Nov 19, 2018 7:03 am 
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Posts: 10931
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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 Post subject: Re: London has popped.
PostPosted: Tue Dec 18, 2018 1:11 pm 
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Too Big to Fail
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Posts: 4881
Location: the nearest faraway place
Quote:
He has bought up 1,200 apartments in London over the past half year.
Yakir Gabay bought the properties for about 500 million pounds ($630 million) through his company, Grand City Properties. The real estate was purchased in cash.
A source close to the company said the properties were all bought from developers and are middle-level real estate rather than high-end. Gabay was able to buy them at a discount of tens of percent thanks to the Brexit-induced slowdown in the London real estate market.
But Brexit provided the firm with an opportunity to move into the London market, the source said. Since Brexit, London’s housing market has dropped by one to five percent, he explained. At the same time, the pound has fallen 20 percent. As a result, many developers have stopped building new projects, and they have to sell under pressure.
That has enabled Gabay's company to sign deals at discounts of up to 30 percent. But that is only because the company is paying in cash and is solving the contractor’s problems with the banks, the source said.

https://www.haaretz.com/israel-news/bus ... -1.6759335

If he did get a 30% cash discount it must be ringing alarm bells all over the place.

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Those who don't study history are doomed to repeat it. Those who do study history are doomed to watch everyone else repeating it.


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 Post subject: Re: London has popped.
PostPosted: Thu Dec 20, 2018 11:03 pm 
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Neo Landlord

Joined: May 21, 2017
Posts: 232
Quote:
house prices in the capital are down 1.7 per cent annually, to an average of £473,609.

https://www.thisismoney.co.uk/money/mor ... s-ONS.html
Prices in many parts of South Dublin are well ahead of the London average:
https://www.thejournal.ie/sandymount-pr ... 5-Dec2018/
Because nothing says global money magnet like Goatstown (€671k).


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 Post subject: Re: London has popped.
PostPosted: Sat Jan 26, 2019 12:21 pm 
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Neo Landlord

Joined: May 21, 2017
Posts: 232
London mansions are bargains - grab yours now!

https://www.homesandproperty.co.uk/luxu ... 27451.html

The report belies the headline. There was a 40% increase in home sales at the very top of the market i.e. 15 Million pound plus. For the first time, more was spent on these top-end houses than on the next bracket (5 - 15 Million). So, the super-rich are still buying London but run of the mill sheiks and drug lords are staying away.

Another key element of the story is changing: the pound has strengthened against the Euro and the dollar over the past two weeks. Can any Pinster explain that? The chances of no Brexit have increased but the chances of a no deal Brexit or PM Corbyn (!) have increased far more.


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 Post subject: Re: London has popped.
PostPosted: Thu Jan 31, 2019 12:08 pm 
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Nationalised

Joined: Sep 29, 2010
Posts: 8808
Location: London, innit
London’s cut-price mansions: expect more deep discounts  https://www.ft.com/content/9545dd32-22f ... 76ca5216eb via @financialtimes

Quote:
Image



This 11-bedroom townhouse in Belgravia had its price reduced by £6m in November to £30m
So where might bargain hunters with a spare £30m start their search? The day after the FT reported the story about Ken Griffin’s purchase of 3 Carlton Gardens, £6.05m was cut from the price of a seven-bedroom townhouse on Cowley Street, less than a mile away, by developer Saigol DDC. The new price of £29.95m, through the agent Rokstone, represents a drop of 17 per cent.

The super-rich looking for something further out of town might consider the six-bedroom house on Canons Close, a cul-de-sac off Bishop’s Avenue near Hampstead Heath, listed for sale at £11.95m with Glentree Estates. The price represents a cut of more than £4m, or 26 per cent, of the home’s original listing price last January. The developer, Friroka Group, knocked down the old home on the site and rebuilt the current one from scratch. “The new price cuts out the negotiating room, not the value,” says Trevor Abrahmsohn of Glentree Estates, sounding, perhaps, the desperate side of optimistic.

In Belgravia, an 11-bedroom townhouse in Wilton Crescent is for sale for £30m with Rokstone. This price follows a £6m cut made in November, just over a year after the home was put on the market.


notice anything??


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 Post subject: Re: London has popped.
PostPosted: Thu Jan 31, 2019 12:19 pm 
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Of Systemic Importance

Joined: Sep 13, 2012
Posts: 5520
slasher wrote:
notice anything??

Mao price cuts coming?

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 Post subject: Re: London has popped.
PostPosted: Thu Jan 31, 2019 12:25 pm 
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Real Estate Developer

Joined: Jan 24, 2007
Posts: 850
The Wharhol is most likely not the original and doesn't come with the property


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