Friday, Jan 27, 2012
They struggle to admit it - bubble
Bloomberg: Expensive London Loses Allure for Commercial Property Investors on Economy
Respondents “complain about the difficulty of getting hold of assets, strong competition and bubble-like pricing,” PwC said in the report
Posted by mark @ 09:56 AM (423 views) Add Comment
3 Comments
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1. taffee said...
personally I think london is gonna have one hell of a correction.all the facts are there and from a personal point of view most of it is not really very nice.The centre doesn't have the panache of other big cities and it lacks identity...just loads of shops you would get in any other big town.
Japanese friend of mine came to london and said it reminded him(the prices) of tokyo in the late 80's/early 90's.
some property fell 99% and propert in general is still 40% lower in actual prices(not inflation adjusted) than 1991
2. mark said...
taffee a tsunami would probably wipe london out if it traveled dow the thames
i wouldnt want to live there
3. mark wadsworth said...
From the article: "South African billionaire Nathan Kirsh acquired Tower 42 and neighboring buildings for 283 million pounds in December..."
As we all well know, the Business Rates bill on Tower 42 is about £5 or £10 million a year, and Business Rates is pretty close to LVT. Don't the Home-Owner-Ists always say that if we had LVT or Mansion Tax or whatever,that all the rich foreigners would dump their London homes and flee the country? It's funny how they can't find any examples of this happening in real life, and real life shows us that rich foreigners are perfectly happy to buy UK land and buildings liable to Business Rates.
And anyway, sure why it would be a bad thing if all the foreigners sold their London houses, thereby triggering a tasty house price crash.