London's Rich And Famous Selling Up

[@contradevian]

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8569350/Londons-rich-sell-as-foreign-money-pours-in.html

The demand is leading to UK owners selling their homes and moving to outer London, creating a "champagne tower effect" with the distribution of wealth in the capital.

[NEO72]

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8569350/Londons-rich-sell-as-foreign-money-pours-in.html

So lets dig a little deeper into these figures shall we?

Savills, the estate agent, says £3.7bn of foreign money is pouring into the prime London housing market every year and especially into areas such as Mayfair, Kensington, Notting Hill and Chelsea.

However, in central London, the biggest investors have been from Eastern Europe, including oligarchs, with 15pc of the market and an average purchase price of £6.2m.

Which by my calculations gives us a grand total of (drum roll please) - 50 sales per month!!

I suspect this "champagne effect" (is that just the posh version of the ripple effect) won't trouble the housing market as a whole too much.

Also:

The issue at present is that Chinese buyers aren't taking, or can't take, their money out of China."

From an article a few months back:

Buyers from mainland China are now the biggest spenders in the prime central London property market

Chinese are top spenders on prime property

I do wish the VIs would get their stories straight

[Si1]

So lets dig a little deeper into these figures shall we?

Which by my calculations gives us a grand total of (drum roll please) - 50 sales per month!!

I suspect this "champagne effect" (is that just the posh version of the ripple effect) won't trouble the housing market as a whole too much.

Also:

From an article a few months back:

Chinese are top spenders on prime property

I do wish the VIs would get their stories straight

how on earth did Yolanda Barnes get a degree in anything vaguely numerate??