It was too quiet here on HPC ... TOO QUIET!

FT Advisor: London Rents Fall for First Time in Eight Years

One suspects that the era of property selling at "offshore prices" is over... As for "onshore prices" - they're probably about 50% lower than what those lovely offshore buyers thought was sensible to pay. But they neglected that (a) London is not land-locked like Hong Kong (b) new supply is possible (c) as a democracy, we can elect politicians who don't give a monkey's about offshore owners ... BECAUSE THEY DON'T VOTE. Game over London Super-bubble -- and this is just the first chapter. My key indicator was how quiet this perma-bearish site had become.... even the bears had capitulated.

Posted by sneaker @ 07:43 AM 1 Comments

The Trend is Your Friend Until it Ends

FT Advisor: Oversupply weighs on London rents

"The London property market south of the River Thames is beginning to suffer as large numbers of the planned 22,000 units between Battersea and Nine Elms have come to market, and are typically purchased by foreign buyers as rental investments. Data analysed by London Central Portfolio found a significant annual increase in available rental properties in this area of about 28.1 per cent."

Posted by sneaker @ 07:39 AM 0 Comments

Sunday, May 21, 2017

Offshore investors experiencing offshore drilling

Time Out: Rent Costs in London are Actually Going Down

So they both properly at the top. Then oil crashed, Russia got sanctions and a load of taxes came in to target offshore owners who, we, don't vote in the U.K. And finally Brexit. Not only are prices falling but Sterling collapsed. And now rents are dropping. Offshore drilling in progress!

Posted by sneaker @ 11:50 AM 5 Comments

Friday, May 19, 2017

A million homes by the end of 2020

Torygraph: Tory manifesto proposes mapping who owns all the land in the country for the first time

Well we have gone back to the 1950's with all parties pledging a million new homes..... and land value capture from the Tories...

Posted by pete green @ 09:29 AM 2 Comments

Tuesday, May 16, 2017

London suffers the fastest fall in house prices of anywhere in the UK

Evening Standard: London suffers the fastest fall in house prices of anywhere in the UK

"London house prices fell faster than anywhere else in the country in March as the impact of Brexit finally caught up with the property market."

Posted by becky @ 04:14 PM 8 Comments

Friday, May 12, 2017

RTB-er milking the system

Telegraph: Woman raffling her London home for £3.75m bought it three years ago through right-to-buy – for just £360k

A homeowner who tried to raise £3.75m by raffling her home online bought the property three years ago using the controversial right-to-buy scheme, and paid just £360,000. The owner, who is believed to have lived there since 2002, bought the property under the Government’s right-to-buy scheme three years ago, according to documents lodged with the Land Registry. It is understood that at the time it was valued at £460,000. Land Registry records confirm, however, that the price paid was £360,000, indicating the buyers benefited from a £100,000 right-to-buy discount. The raffle was halted for breaking gambling laws , but he five-bedroom flat is still on the market, listed Rightmove for £1.25m.

Posted by little professor @ 11:07 PM 5 Comments

Monday, May 8, 2017

Trend or Blip?

BBC News: UK house prices in first quarterly fall since 2012

UK house prices are "stagnating" and have actually fallen in the last three months, according to the Halifax.

Posted by wdbeast @ 10:12 AM 6 Comments

Friday, May 5, 2017

Literally taking bundles of £50 notes and burning them

BBC: Town halls buy back Right-to-Buy homes

"Councils have spent millions buying back homes they sold at a discount under Right-to-Buy laws to meet housing shortages. Islington council spent more than £6.2m buying back homes it sold to people for less than £1.3m, a Freedom of Information request reveals." Can hardly be called privatisation if *Assets sold at huge discount *Continuing public subsidies in perpetuity. E.g. Housing Benefit for RtB BtL operators. Central government funding for local services not covered by council tax.

Posted by mombers @ 08:11 AM 5 Comments

What's the common denominator?

Daily mail: Canada tries to defuse property boom

When will the young wake to the fact This is a speculative bubble and nothing to Do with lack of supply?

Posted by taffee @ 07:59 AM 0 Comments

Dodgy government accounting results in disasters like this

Graniard: How the MoD’s plan to privatise military housing ended in disaster

"In 1996, the Ministry of Defence decided to sell off its housing stock. The financier Guy Hands bought it up in a deal that would make his investors billions – and have catastrophic consequences for both the military and the taxpayer" The government secured a 'good' deal, but only for 25 years. It sold homes for £1.67bn that are now worth £6.7bn and it has to start paying whatever rent Guy Hands can get away with rather than the much smaller amount that it would cost to run the estate. Similar to the Right to Buy fiasco - fire sale, made worse by paying over the odds for the same service that the asset originally rendered under state ownership

Posted by mombers @ 07:37 AM 1 Comments

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