What do you mean, 'next'?
15pc of all mortgages now go to BTL landlords, compared to 8.5pc in 2007, before the last crash. BTL loans account for almost all the current growth in the mortgage market, with lenders planning to expand their BTL lending by 20pc per annum over the next two years. Lending standards are slipping. British banks have over £215bn of BTL loans on their books, compared to £146bn in 2009.
The analysis HP referenced... Sauce for Bears??
LonRes.com: Great Expectations The gap between asking and achieved prices Lonres.market.briefing. 12 April 2016
This is the 10% which the Tgraph was referring to. Is not a 10% fall but actually the report refers to what percentage of properties have had their asking prices REDUCED by 10%+. "Analysis of quarterly sales in prime central London shows almost half (49%) of properties sold in Q1 2016 had their asking price reduced before a sale was agreed. This is higher than the 40% of properties sold in Q1 2015 and 27% two years ago in Q1 2014. The lettings market has also seen an increase in price reductions, from 32% a year ago to 45% in Q1 2016." But aren't ALL rents increasing?? "and a fall in the number of overseas buyers are all impacting the prime central London market." Eh? A But the number of overseas b uyers are increasing .... surely? Q: Where the smart money goes does the rest follow?
"London has fallen"? - sorry Mr. Butler
99% of what you read in the papers about the housing market, .... is put out by people with something to sell. Estate agents, [lenders] all know about the market because they are selling houses,.... mortgages or financial services but they must be optimistic or they lose business. No one will instruct a depressed estate agent...so these commentators MUST have a glass that is half full. As you can see from the graphs below, what we can see is that half of all homes sold in the first quarter of 2016 sold in London went for more than 10% below the guide price. Not just in some parts but across central London and across price bands! 60% of the property that did sell in Knightsbridge and Belgravia had its guide price reduced prior to selling. The market is on the turn. Aha - the 10%!!
Angry tenants across London have been taking to social media to share their renting horror stories
"The infection from luxury to mainstream is much more transferable than anyone imagines, and these are the reasons why I am troubled by the Land Registry figures," A troubled Henry Pryor The Land Registry data also revealed a fall in the number of completed house sales in England and Wales in January fell by 5pc to 54,254 compared with 56,937 in January 2015. This dispels reports that there was a rush to buy a second home or a buy-to-property ahead of April - when the Chancellor introduced a 3pc increase in stamp duty on these two buyer tribes.
Housing lunacy cont....
New figures show house price rises are slowing in London, and rising faster in surrounding regions
NIRP is the new normal
Keeping an eye on the Blairs
Value or ponzi?
Anyone that believes that the London market is down to short supply and immigration and will go on forever on an upward trajectory should read what is happening in Vancouver. Bubbles are fine if you can get in and out on the way up. If the Chinese are doing this in Vancouver, what have they done to stoke the London market and what is going to be the impact when this reverses?