OurDayWillCome Posted December 17, 2014 Share Posted December 17, 2014 http://www.telegraph.co.uk/finance/economics/11299644/Russian-economic-meltdown-sparks-wave-of-panic-buying-London-homes.html The end is nigh... Quote Link to comment Share on other sites More sharing options...
chronyx Posted December 17, 2014 Share Posted December 17, 2014 haha, bet the losers on HPC that have been debating (wrongly, as usual) about what happens to Russians and the London property market have been answered. Higher stamp duty? So what! Quote Link to comment Share on other sites More sharing options...
OurDayWillCome Posted December 17, 2014 Author Share Posted December 17, 2014 For all of one week! Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted December 17, 2014 Share Posted December 17, 2014 Well I clicked into the article and saw according to a high end estate agent and half a dozen. The cynic in me says it is a PR piece. Quote Link to comment Share on other sites More sharing options...
OurDayWillCome Posted December 17, 2014 Author Share Posted December 17, 2014 Well I clicked into the article and saw according to a high end estate agent and half a dozen. The cynic in me says it is a PR piece.Even if it was real it would be the last hurrah. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted December 17, 2014 Share Posted December 17, 2014 Unless they have £ $ euro it`s going to be an expensive safe haven How long are they going to hold these "assets" until it`s all back to normal/safe? ...could end up losing 50% on currency alone missed the boat me thinks or more likely top end EA`s BS spin straight from the Wilson's text book Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted December 17, 2014 Share Posted December 17, 2014 Yeah, yeah, London, and the rest of the world... and, from what I hear... in Russia itself. What complete and utter tosh. The spinmeisters have excelled themselves. If anything, London is off the radar due to risk of action against Russian assets... Bulgaria appears to be one of the main destinations for Russian cash, though. Quote Link to comment Share on other sites More sharing options...
Neverwhere Posted December 18, 2014 Share Posted December 18, 2014 (edited) Meh... However, as the rouble depreciates London could see this trend reverse over the long-term as the UK becomes more expensive to Russians. "Given that the influx of Russian money to prime central London significantly contributed to an overheating market, it surely follows that a reversal in demand from cash-strapped Muscovites will potentially have a significant adverse effect on the likes of Kensington, Belgravia and Mayfair," said Russell Quirk, founder of online estate agent, eMoov. "A plummeting Russian stock market will effectively freeze previously liquid assets and a tumbling rouble will have the effect that London has just got dearer." http://www.telegraph.co.uk/finance/economics/11299644/Russian-economic-meltdown-sparks-wave-of-panic-buying-London-homes.html http://content.knightfrank.com/research/185/documents/en/autumn-2514.pdf Edited December 18, 2014 by Neverwhere Quote Link to comment Share on other sites More sharing options...
TwoWolves Posted December 18, 2014 Share Posted December 18, 2014 My first thought was... So London property is the new gilt market. State backed assets that cannot lose their value, brilliant. Safe haven in every financial crisis. No wonder we can't afford our homes. Quote Link to comment Share on other sites More sharing options...
WatchingFromTheHills Posted December 18, 2014 Share Posted December 18, 2014 So ... Russians are deserting London in their droves. Russians are queuing up to buy prime London properties. Russians have deserted the UK property market. Russians are panic-buying in super-prime London. Reminds me of apocryphal stories of Russian troops arriving in Britain during the First World War. Rumours of snow on the platform at Charing Cross. Salvation for the housing market's vested interests. Quote Link to comment Share on other sites More sharing options...
cybernoid Posted December 18, 2014 Share Posted December 18, 2014 (edited) Bit late for that, the currency has already halved. They'd rather pay double what they'd pay a few weeks ago for a property in a toppy market? Don't think so. In other news http://www.bloomberg.com/news/2014-12-17/russians-quit-london-luxury-homes-as-only-super-rich-stay.html Edited December 18, 2014 by cybernoid Quote Link to comment Share on other sites More sharing options...
65243 Posted December 18, 2014 Share Posted December 18, 2014 http://www.telegraph.co.uk/finance/economics/11299644/Russian-economic-meltdown-sparks-wave-of-panic-buying-London-homes.html Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted December 18, 2014 Share Posted December 18, 2014 This was written by Anna White, the same journo that has bi-polaresque swings in opinion on seemingly alrternate articles, and has some apparent issues with understanding the data that she's writing about: http://www.housepricecrash.co.uk/forum/index.php?/topic/201427-telegraph-high-end-london-house-prices-being-slashed-properties-in-prime-central-london-down-20pc-in-value/?hl=%20anna%20%20white Don't think I'll rush out and panic buy in Mayfair just on her opinion. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted December 18, 2014 Share Posted December 18, 2014 From one bankrupt turd to another. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted December 18, 2014 Share Posted December 18, 2014 (edited) http://www.telegraph.co.uk/finance/economics/11299644/Russian-economic-meltdown-sparks-wave-of-panic-buying-London-homes.html The end is nigh... Or not.... Russians Quit London Luxury-Homes as Only Super Rich Stay Wealthy Russian homebuyers are vanishing from London after driving a wave of foreign investment that lifted property prices to records. Only the oligarchs persist. The number of Russians registered through Christie’s International Real Estate to buy homes in the city dropped by 70 percent in a year, said Giles Hannah, the broker’s senior vice president. http://www.bloomberg.com/news/2014-12-17/russians-quit-london-luxury-homes-as-only-super-rich-stay.html Edited December 18, 2014 by Eddie_George Quote Link to comment Share on other sites More sharing options...
OurDayWillCome Posted December 18, 2014 Author Share Posted December 18, 2014 Or not....The end is nigh was referring to the stupidity of the London property market. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted December 18, 2014 Share Posted December 18, 2014 Let me get this right - Russians are buying property in a falling market with a currency that's halved in value in a matter of days? So they're paying double for property that's losing value? Is this like a game of Brewster's Millions they're playing? And it's not like property transactions can finalise in minutes or hours, surely? You're looking at a few days, in which time, the rouble could fall further - why not invest in something more instantaneous like shares or another currency? Sounds like a crappy PR stunt by an EA. Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted December 18, 2014 Share Posted December 18, 2014 Let me get this right - Russians are buying property in a falling market with a currency that's halved in value in a matter of days? So they're paying double for property that's losing value? Is this like a game of Brewster's Millions they're playing? And it's not like property transactions can finalise in minutes or hours, surely? You're looking at a few days, in which time, the rouble could fall further - why not invest in something more instantaneous like shares or another currency? Sounds like a crappy PR stunt by an EA. Maybe. I think a lot of people on here though do not understand the motivation behind the Russian/Chinese investment outside of their home country. Sometimes losing half your money can look positively attractive compared to the alternative. Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 18, 2014 Share Posted December 18, 2014 Maybe. I think a lot of people on here though do not understand the motivation behind the Russian/Chinese investment outside of their home country. Sometimes losing half your money can look positively attractive compared to the alternative. Indeed Nevertheless the hpi journalist bulls continue to find anything - a booming Russia or a collapsing Russia - positive for hpi Quote Link to comment Share on other sites More sharing options...
long time lurking Posted December 18, 2014 Share Posted December 18, 2014 Maybe. I think a lot of people on here though do not understand the motivation behind the Russian/Chinese investment outside of their home country. Sometimes losing half your money can look positively attractive compared to the alternative. I would think anyone who have managed to amass millions of pounds would be capable of finding a better home for their money than London houses Swiss banks off shore banks or even a UK bank Quote Link to comment Share on other sites More sharing options...
smiley Posted December 18, 2014 Share Posted December 18, 2014 You have you award artistic merit points to the EAs and their PR people, though - this really is a masterpiece of spin! They actually have a board game called "Turn the irrelevant news story into a plausible account of property price rises", apparently. Challenges include new IVF technology, re-release of 1950s movies, and auction of Elizabethan memorabilia... Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted December 18, 2014 Share Posted December 18, 2014 I would think anyone who have managed to amass millions of pounds would be capable of finding a better home for their money than London houses Swiss banks off shore banks or even a UK bank Maybe they've already got a lot of money in swiss banks and Uk banks. Maybe they want to diversify their assets and have a place to go to. Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted December 18, 2014 Share Posted December 18, 2014 Swiss banks are introducing negitive interest rates to counter this. http://www.bbc.co.uk/news/business-30528404 -0.25% still better than London property right now. Lolz Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted December 18, 2014 Share Posted December 18, 2014 Are foreigners allowed to buy property in Russia? I can see armies of boomers rushing to snap up Moscow bargains as the rouble tanks. Making property unaffordable for local oligarchs. Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted December 18, 2014 Share Posted December 18, 2014 Buying house in Russia Legislation in 2001 brought the opening up of real estate to foreign investment. Fill yer boots on rouble denominated property. Sale transactions always take place in banks. The buyer deposits the full purchase cash amount in a safe deposit box on the condition that the bank will release the money to the seller only upon the presentation of the complete package of registered documents under the buyer’s name. Sounds like a great money laundering opportunity. Maybe we can export some of our criminals and Russia can sell us some of their houses. Quote Link to comment Share on other sites More sharing options...
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