Patient London FTB

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About Patient London FTB

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  1. Have we seen the top in the London FTB average price? August 2016 - £427,685 Tempting to call it!
  2. Latest monthly update from Property Partner: Some teeny tiny down valuations from the surveyors. Would love to know what's going on with the secondary market if you have time to process the data.
  3. Thanks for the explanation, pretty convincing. And I didn't have time yesterday to go over your first post, but it was great insight. I think over the next three years PCL as a whole will be down over 50% in US dollar terms but new builds will be more like 75% down. Since the peak in early 2014 it's down 12% in sterling but 35% in USD so it's well on the way. Given your Singapore story I can't wait to see data about how badly overseas banks are exposed to that valuation crash already. It's worth observing the downward direction in rents in PCL will be further hurting overseas investors. Knight Frank's Dec 2016 data has rents down 5.1% yoy in PCL, and as bad as 10.1% down in Knightsbridge. All those new builds coming on stream and the hiring decline in financial services are only going to weaken rents this year.
  4. Looks like Foxtons is trying, bless them. Pimlico two bedder reduced by £1.2m to £1m yesterday. Sadly just bringing it down from a 'what are they smoking?' valuation to merely a 'bonkers baboon-land' price.
  5. Nice post but one thing bothers me - that Hyde Park stat doesn't ring true. How do you work that out?
  6. Asking rents in London fell 4.4% last year and will be flat this year, according to Rightmove Shame about outside London
  7. Developer cracking, right on the Queen's doorstep. Round of price cuts on Buckingham Gate today including: 1 bed flat cut from £1.395m to £1.175m 2 bed flat cut from £2.695m to £2.25m 3 bed flat cut from £5.5m to £4.75m
  8. It's telling they didn't actually say their lettings revenues were up, so they must be falling. If they didn't use the round total of £13m that would be more obvious.
  9. Someone's got the cheek to call that a mansion?
  10. Cheers!
  11. Nice chart - would love to see same thing for London as the volatility in USD must be even bigger
  12. And it still doesn't occur to them to think it's the price of the property that's out of whack, not the amount they can borrow
  13. I'm seeing more and more papers picking up this Fergus story. With luck it'll snowball over the next few weeks and the media will be dishing out a kicking to him and the others of his ilk lurking in the woodwork.
  14. The Monster Raving Loony Party wouldn't have them
  15. Yes - they are basically a BTL lender. Regarding risk to capital you're right. Rather clumsy of me to write 'genuinely safe' - I blame the mental comparison I was doing at the time which was the Poverty Later crew! You might find some interesting reading on risk in two documents available on Landbay's website. One is an 'independent report' (which happens to be written by a personal finance PR man) from 2014 written for people thinking of investing. The other is a stress test run in 2015. One thing I noted from browsing that and other stuff on their website is that at one stage Landbay claims it doesn't lend to first-time landlords, but this seems to have been loosened over time and such lending is on offer at 135% rental cover, as long as the borrower has their own property as security.