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House Price Crash Forum


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  1. "Nick Candy has sold himself his own penthouse in One Hyde Park for £160m – smashing records for Britain’s most expensive home ever sold." https://www.theguardian.com/uk-news/2018/oct/09/record-160m-paid-for-uks-most-expensive-home-ever-sold As you might expect, it's a murky money trail. "It can now be revealed that Candy sold the property this summer to offshore companies he controls in Guernsey in order to remortgage it with an £80m loan from Credit Suisse." "The transaction was recorded by the Land Registry as a sale, making it by far the most expensive property ever sold in the UK. But a spokesman for Candy explained that the tycoon owned PHB London and therefore still owned the B.10.01 penthouse. “I can confirm that this is indeed a refinancing rather than a sale,” the spokesman told the Times."
  2. It's a con for the conference. Something designed to generate headlines while doing absolutely nothing to tackle the problem. The idea the Tories would do anything to reduce house prices (meaning their personal wealth would decrease)? A fantasy. Never going to happen.
  3. So says Mark Carney. "House prices would fall by 35 per cent over three years following a chaotic no-deal Brexit, according to a briefing given by Mark Carney to the cabinet today." https://www.thetimes.co.uk/edition/news/house-prices-would-plummet-in-no-deal-brexit-says-carney-csgr9j0hj Do we believe him on that one? ?
  4. In case you're wondering why the government does nothing to stop the dirty overseas money flowing into London property... They're at it themselves! "Jeremy Hunt breached anti-money laundering legislation brought in by his own government when he set up a company to buy seven luxury flats, The Telegraph can disclose. The Health Secretary, who has a personal fortune of more than £14 million, initially failed to declare his 50 per cent interest in the property firm to Companies House - a criminal offence punishable by a fine or up to two years in prison." https://www.telegraph.co.uk/politics/2018/04/12/exclusive-jeremy-hunt-admits-breaking-governments-rules-company/
  5. Agree. £750,000 to £684,000 in Islington has no impact on affordability. While it's good to see this after we've suffered years of massive rises and seen media stories boasting about how million pound average house prices were coming soon, there is a long way to go until an average London wage will buy you anything beyond a flat with a lease problem above a takeaway in Zone 6.
  6. Obviously the Mail likes to generate hysterical clickbait headlines, but nice to see 'Price nearly halves on one of Britain's most expensive homes from £37.5m to £20m as high-end housing bubble bursts' Read more: http://www.dailymail.co.uk/news/article-5405583/Price-nearly-halves-one-UKs-expensive-homes.html I remain unconvinced whether the cheaper end of London will see anything similar. Too many people and too few properties. But fingers crossed...
  7. As you read the stories about the collapse of home ownership among younger generations and wonder how Britain doesn't go bankrupt when they retire, here's what the plan is: "The Conservatives’ new housing minister, Dominic Raab, belonged to a private Facebook group that argues for council housing to be sold off at market value, healthcare to be privatised, and the return of workhouses for the poor." https://www.buzzfeed.com/alexspence/the-tory-housing-minister-was-in-a-private-facebook-group?utm_term=.itZjqQAP8#.hfX2G3BlZ Of course, he says his membership must have been a mistake...
  8. Mortgage approvals by UK banks 'falling off a cliff' Experts blame a squeeze on consumer incomes as new data reveals a sharp decline in the number of home loans in December. https://news.sky.com/story/mortgage-approvals-by-uk-banks-falling-off-a-cliff-11221982?dcmp=snt-sf-twitter
  9. If we ignore home owners selling and moving, I think the general idea is that buying London property is now meant only for the wealthy and for landlords and (often foreign) investors. Those on an average salary merely keep the city functioning and provide the rental fodder for the investors. Trying to buy with what you can borrow on an average wage will get you laughed out of every estate agent in the city. And a reminder that London property is the #1 destination for the world's corrupt money and the Government does nothing to stop it.
  10. £248K will barely get you a flat in zone 6 now. £248K for a three bed house in zone 3 is the stuff of myth and legend. A tale of a bygone age. It seems barely believable. Yet is was only a handful of years ago. Whether London will ever see those prices again, I remain to be convinced. I fear those days have gone forever.
  11. We also had Sajid Javid given the new role of Secretary Of State for Housing, Communities and Local Government. Does this signal a BTL coup?
  12. Entrepreneur Theo Paphitis says retail sector sliding towards 'precipice' Mr Paphitis said: "As anticipated and reported, the Christmas trading period as has been the case for most of this year, was 'hard work' for many retailers. "In all my years I have never seen it so hard and unforgiving where the shopper will punish you if you take your eye off the ball." https://news.sky.com/story/entrepreneur-theo-paphitis-says-retail-sector-sliding-towards-precipice-11201349
  13. And this is only since 1996... Home ownership is no longer something the majority of young or ordinary people can aspire to. No wonder the Tories are dying in terms of membership. Buy to let has essentially destroyed the social fabric of Britain. https://www.newstatesman.com/politics/uk/2018/01/boomers-vs-millennials-defining-schism-uk-politics
  14. The fact that The Times thinks "family homes" are those costing "between £1 million and £2 million" sums the madness up. What a fantasy world housing has become.
  15. While it's bonkers enough, the average price of a London home quoted in that as £470,922 sounds a bit too low. The Telegraph reported in November: "In London, where the average first-time buyer house price is £422,380 - according to official figures." Is the average really only slightly above the first-time buyer average? Or maybe it just goes to show that most of the sales are of the lower priced (I won't call them cheap...) properties.
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