Damik

Is Prime London Crashing? - Merged Threads

Recommended Posts

3 minutes ago, Flopsy said:

Ha!

"This is a property in South Kensington first advertised in May at over £1.2m and now on the market at £685,000 with Foxtons."

I wonder if it is this one

https://www.foxtons.co.uk/property-for-sale-in-south-kensington/chpk0248173

It has a 31 year lease which may partly explain the price?

 

 

 

 

Worth 100/200K.

Share this post


Link to post
Share on other sites
Thorn   
1 hour ago, Sancho Panza said:

Great news.

Hope they have to pay £600 in fees to go grovelling for a sh1tty insecure tenancy in a mould ridden flat and finally get to feel what it's like for many people out there.

I have to do that. I would not wish it on anybody else.

Share this post


Link to post
Share on other sites
21 minutes ago, tomandlu said:

For the location, I suppose a rent of £1840 a month isn't too bad, but £540 would be a bargain... ;)

£540 would be sensible and allow money to flowing into the real economy and savings.

The UK has become a lunatic asylum.

Share this post


Link to post
Share on other sites

2 bed mews house...SE London...£1.3M

 

http://www.rightmove.co.uk/commercial-property-for-sale/property-69243989.html

 

 

Round the corner, 5 bed house, £1M  ( down from 1.1 and sale fallen through ).

 

http://www.rightmove.co.uk/property-for-sale/property-47991453.html

 

Someone's in for a shock.

 

Share this post


Link to post
Share on other sites
fru-gal   
10 hours ago, rantnrave said:

Property pundit forecasts redundancies and closures as pain in London market goes on

http://www.propertyindustryeye.com/buying-agent-forecasts-redundancies-and-closures-as-pain-in-london-market-goes-on/

Oct 12th

Buying agent and property pundit Henry Pryor has predicted “significant” redundancies and branch closures in the London market. He said many agents are “on their knees”.

Separately, in a gloomy report, a central London agent has said that the Government will have to address the woes of the housing market in the capital.

Peter Wetherell, of Mayfair agent Wetherell, said that the luxury market is currently dogged by “hesitation and anxiety”.

He said asking prices in London are already down by over 3% this year, and are 15% lower than three years ago.

Asking prices are being cut as Stamp Duty increases take their toll. He cited the case of a property previously on at over £1m which has had its asking price slashed by 50%.

This is a property in South Kensington first advertised in May at over £1.2m and now on the market at £685,000 with Foxtons.

Wetherell said that transactions are down and the number of homes taken off the market because they have failed to sell has grown.

However, he said the economic uncertainty is currently creating “rare opportunities” for buyers, but added that they needed encouragement.

Wetherell said: “Uncertainty and loss of market share due to Brexit will place the Government under huge pressure to cut corporation tax, cut income tax and slash Stamp Duty.

“All these measures will be needed to keep London competitive so bold investors could now reap future rewards.”

Yesterday, Pryor tweeted: “We’re going to see some significant redundancies and some well known brands closing down in London at this rate.”

Pryor told EYE: “Many agents I speak to are on their knees.

“There is a market but it’s not big enough to support the number of mouths that need to be fed. It’s pretty bleak for many.”

 

Surely the opposite is true - the Government will need as much tax as possible with Brexit, the huge debt and to pay for social care etc. Besides, they had bumper SDLT receipts, didn't seem to put people off. If you can afford to buy a £1 million + house you can afford to pay a bit more SDLT!

Share this post


Link to post
Share on other sites
2 hours ago, TheCountOfNowhere said:

2 bed mews house...SE London...£1.3M

 

http://www.rightmove.co.uk/commercial-property-for-sale/property-69243989.html

 

 

Round the corner, 5 bed house, £1M  ( down from 1.1 and sale fallen through ).

 

http://www.rightmove.co.uk/property-for-sale/property-47991453.html

 

Someone's in for a shock.

 

Not really. The first one is 2800 sq ft (versus 1600).

Share this post


Link to post
Share on other sites
dugsbody   
8 hours ago, This time said:

BTL type properties are down about 10% over the last year in the Wimbledon area which is zone 3/4.

Examples? I keep an eye on a bunch of area in South and South West London and my anecdotal view is that a handful of areas are still going up while most seem to have just stopped some time ago. I'm still waiting for decent drops though.

Share this post


Link to post
Share on other sites
3 hours ago, TheCountOfNowhere said:

2 bed mews house...SE London...£1.3M

 

http://www.rightmove.co.uk/commercial-property-for-sale/property-69243989.html

 

 

Round the corner, 5 bed house, £1M  ( down from 1.1 and sale fallen through ).

 

http://www.rightmove.co.uk/property-for-sale/property-47991453.html

 

Someone's in for a shock.

 

Me.  1m for 1600 sq feet in brockley? Jesus wept.

Share this post


Link to post
Share on other sites
Untoward   
7 hours ago, 999house said:
Lease expires:
May 2048
Ground rent:
£8400 per annum (2017)
Service charge:
£5577.12 per annum (2017)
Stamp Duty
£24,250
Council tax:
£1,600 per year (Band G)

Jesus wept! To live there.

15.577K per year in charges.

Share this post


Link to post
Share on other sites
hp72   
8 hours ago, TheCountOfNowhere said:

Speak for yourself, I've always been a nutter, you lunatics are mental.

There's a large difference between madness and stupidity, and the HPI'ers should take a long look in a mirror to determine applicability.

Share this post


Link to post
Share on other sites
20 hours ago, Grab_Some_Popcorn said:

So is that advert for the flat he has just bought?!

Regardless... You might want to show him the graphs in today's RICS report... Crashy crashy.

Yes it is. Oh believe me I've tried to explain it all but I'm just negative and don't know what I'm talking about. People who live in the area are so desperate to cling to rising prices they have convinced him to buy as that must mean their place is worth more. They even accept that some prices are reducing but not in that area, it is different!!! I mean who needs facts?! I tried so won't feel guilty when the £0.5m mortgage is too much to handle! 

Thanks to all on this site, I've learned so much about the world economy and banking, I've had my eyes opened! I was convinced of a huge crash coming in 2006, completely astonished to see where we are today. I get so many calls and emails now from estate agents from when I was looking to move last year, I am actually surprised the developments have not sold already, perhaps help to buy today is not helping as much as people think.

 

Share this post


Link to post
Share on other sites
12 hours ago, the_duke_of_hazzard said:

Me.  1m for 1600 sq feet in brockley? Jesus wept.

:lol: 

 

The "mews" house has 1 room and 2336 sq feet...i.e. the hole house is 1 room :lol: 

 

Did it used to be a garage ?

Share this post


Link to post
Share on other sites
Slimline   
13 hours ago, the_duke_of_hazzard said:

Me.  1m for 1600 sq feet in brockley? Jesus wept.

Know someone that bought a couple of 1 bed new cross flats in 09-11 (500-600sq ft each). Now sitting on a profit of probably 800k. absolutely ludicrous.

Share this post


Link to post
Share on other sites
4 minutes ago, Slimline said:

Know someone that bought a couple of 1 bed new cross flats in 09-11 (500-600sq ft each). Now sitting on a profit of probably 800k. absolutely ludicrous.

It's not a profit until it's been realized.

Till then it;s an imaginary paper profit that can evaporate over night.

If any investment has landed you £800K, you should sell and get the **** out.

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites
2 hours ago, Doctor SickoPants said:

Evening Standard leader column today:

Both Mayor Sadiq Khan and ministers have promised major housebuilding to help ease property prices and rents. It is time to deliver.

https://www.standard.co.uk/comment/comment/evening-standard-comment-brexit-hardliners-put-living-standards-at-risk-a3657926.html

 

Promised.....again.

 

Any mention on ending then reversing the immigration the regulating the banks?

 

Thot not. They're ###### lying imho

Share this post


Link to post
Share on other sites
MARTINX9   
18 hours ago, Doctor SickoPants said:

Evening Standard leader column today:

Both Mayor Sadiq Khan and ministers have promised major housebuilding to help ease property prices and rents. It is time to deliver.

https://www.standard.co.uk/comment/comment/evening-standard-comment-brexit-hardliners-put-living-standards-at-risk-a3657926.html

 

Backed by £10bn help to buy to bump up the prices.

The population of London is going up by 150,000 a year - at least the legal figure - and many of those will be reliant on tax credits and housing benefit to live there. So building 30000 homes won't solve the problem - you need 75000 a year to stand still.

Perhaps the biggest reason of course for London's housing crisis is that there are 2.5 million more people living there than 20 years ago - no city can build homes that quickly for 25 per cent population growth. Yet no link between the two opinion pieces - how about instead of more houses we invite in fewer people or at least restrict immigration to people who will be net contributors.

Edited by MARTINX9

Share this post


Link to post
Share on other sites
On 13/10/2017 at 6:12 PM, Doctor SickoPants said:

Evening Standard leader column today:

Both Mayor Sadiq Khan and ministers have promised major housebuilding to help ease property prices and rents. It is time to deliver.

https://www.standard.co.uk/comment/comment/evening-standard-comment-brexit-hardliners-put-living-standards-at-risk-a3657926.html

 

Did they sign their names and pledge alligence to what they say... 😉

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.