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Depressing Million Dollar London Property

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"It's October 2010 and Chinese property booms while most of the Western world’s houses have shrunk to more realistic levels. In the US, homes have ceased to be ATMs to buy oriental barbecues, but in Britain, a crowded island with a cultural attachment to carving out a personal defensible space Englishmen’s homes are still castles, with prices to match. As US housing prices adjusted, UK ones, faltered then regained their losses smack in the middle of the recession. This time things look different, with last month seeing the largest dip in housing prices in history. Perhaps prices in Britain will go up forever, or perhaps Britain will be like Japan, another crowded island which had the same phenomenon and where eventual capitulation resulted in a crash where property is worth less than a decade ago?"

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Terrible for top properties in Scotland:


Scotland's Most Expensive House Gets Second Price Cut on Dearth of Buyers
By Peter "Pete" Woodifield - Oct 12, 2010 12:01 AM GMT
Yester House an 18th-century stately home near Edinburgh. Source: Knight Frank LLP via Bloomberg
The owner of Yester House near Edinburgh cut the price to 8 million pounds ($12.7 million) after failing to attract offers at a price of 12 million pounds. Source: Knight Frank LLP via Bloomberg
Scotland’s most expensive house for sale, an 18th-century mansion with 85 rooms, had its price slashed for the second time this year as the
global economic slump curbs the enthusiasm of millionaire buyers

Nice drop of a third. EAs will have to get the word out that Scotland is still going up despite crashing prices down south.

Edited by Realistbear
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Nice drop of a third. EAs will have to get the word out that Scotland is still going up despite crashing prices down south.

Good find. Will the reduction show up in Scottish indices? Is it on Rightmove? It might even have a UK effect, that kind of drop.

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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