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Connect UK Auctions have 10 lots going to Auction August 4th. See the mixture of Residential, Commercial and Land lots on their upcoming auctions page. In the market we find ourselves in many landlords are deciding now is a great time for selling at auction as property prices are predicted to drop further. They also offer a probate service for property. Sell today complete in 28 days.
We are on the precipice of another major global financial crisis of epic proportions and asset price bubbles all across the world, including the UK property bubble, are extremely vulnerable. As the crisis worsens in the next few month the London property bubble - as one of the most over inflated property bubbles on the entire globe - will finally implode with some major implication to the UK property market as a whole. The signs of a global economy reaching the tipping point are becoming louder, more frequent and more severe: * commodities have plummeted to lows not seen since 2002 * global shipping indices are dropping with negative year on year movements of up to 20% * the oil price, as a gauge of global economic activity, is reaching lows not seen since the depth of the crisis of 2008/2009 * key exporting nations are in deep trouble including Australia, Canada, Brazil and much of the rest of South America * consumer spending in the US, the key driver of US GDP, is contracting and major retail outlets are in trouble. * the Dow, the S&P 500 and the Russell 2000 are barely propped up by a few big players. The vast majority of publicly listed stocks in the US are in steep decline. * the Chinese economy is in deep trouble with year on year exports as well as imports in negative * after the RMB devaluation the global currency wars stepped up another notch and now the EM currencies such as the Malaysian Ringgit and the Turkish Lira are in free fall. These shifts in the FX market could easily spiral into another currency crisis such as experienced in Asia in the lat 1990s. * the RMB devaluation effectively means that China is exporting deflation to importing nations such as the US and the UK * the Fed and the BoE are stuck between a rock and a hard place. If they raise rates they will strengthen the USD and GBP creating even more deflation. If they maintain interest rates or even lower rates they will have lost all credibility. After the SNB fiasco in the beginning of the year, trust in central banks will hit rock bottom and the central banking system is likely to unravel further. * EMs and developed nations are facing a mountain of debt facilitated by the Fed's cheap money policy. The unwind in global credit facilities will unleash further havoc in the markets. I could go on ... Under the conditions described above, asset price bubbles such as in equities, bonds and property are destined to implode. In the UK, the effects of the deteriorating global economy are already visible in the prime London property market with LSL Acad HPI reporting a staggering 18.6% year on year drop in the City of Westminster. Sales in this particular market are at rock bottom and will effectively halt within the next few months as the above conditions worsen. In the meantime London property developers are sitting on around 54.000 luxury flats coming on the market as reported by the FT in February this year. The subsequent supply glut can already be seen in prime postcodes such as SW8 and, more recently, SW1E. The panic in this particular segment of the market has already begun with more and more flats coming on the market with very few being sold, let alone being sold at asking price. The forthcoming global financial crisis will be of epic proportions. Unlike in 2008/09, the central banks have no more ammo in their arsenal to prop up the markets. The UK property market, and the London property market in particular, will see a downtown not seen in a generation. Get ready and be prepared.