Monday, Apr 16, 2007
Buy a house in London and quit your job!
Bloomberg: London Homeowners Reap $150,000 as U.K. Prices Jump
No comment...
Posted by confused76 @ 10:13 AM (318 views) Add Comment
4 Comments
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1. confused76 said...
The real gem in this article is the final statement:
``There's little to buy in Kensington and Holland Park,'' Craggs said. ``It's increasingly obvious that once wealthy buyers get their dream home, they're not going to sell it. It's just supply and demand.''
Anything you can say is just "supply and demand" I guess!
2. tyrellcorporation said...
Londoners with a house to sell have all won the lottery...
Everyone else is f***ed!!!
3. royston said...
Typical top-of-market madness. It will all end in tears!
4. Dr K said...
The high end London property market is very niche and represents only a small proportion of houses for sale. The people who "trade" these houses are doing so to project their own wealth (I can therefore I will!). Unfortunately, the BWSC (big wallet, small c%%k) brigade are unlikely to be too perturbed by market downturns because they have enough money to cushion the blow, however, it is the average Joe who tries to keep up who will get it when the tide turns. Most people who have owned property in London and SE may have 000's in equity but how does it really help them? They are unlikely to be able to afford a larger house in the same area so unless they are willing to relocate to a substantially cheaper part of the country (are there any left?) or downsize they are stuck too. No doubt they are smug and warm at dinner parties or when buying their new 4 x 4, but when it turns bad and equity dries up, listen to the sound of crying...