Jump to content
House Price Crash Forum
interestrateripoff

Billionaires Boost London House Prices To Fourth Most Expensive In The World

Recommended Posts

http://blogs.telegraph.co.uk/finance/ianmcowie/100012090/billionaires-boost-london-house-prices-to-fourth-most-expensive-in-the-world/

Billionaires’ homes in London now change hands for an average of more than £3,000 per square foot and our capital has the fourth most expensive house prices in the world, according to new analysis by international estate agents Savills.

Riots, banker-bashing and the threat of a mansion tax did not deter the global super-rich from investing more than £3.3bn in London property last year. While the ‘squeezed middle’ is suffering from frozen or falling incomes and rising taxes they cannot easily avoid, the rich are getting richer – partly because of above average house price inflation at the top of the market.

Billionaires’ property prices in 10 cities around the world increased by an average of 10pc in the first six months of this year, Savills calculates. That was more than half as high again as the average of 6pc for ordinary mortals’ homes in Hong Kong, London, Moscow, Mumbai, New York, Paris, Singapore, Shanghai, Sydney and Tokyo.

All in it together....

Share this post


Link to post
Share on other sites

Billionaires’ homes in London

Who draws a line between "Billionaires’ homes" and other homes?

It's a meaningless statistic, beyond telling us there are some ultra-expensive homes in London.

Share this post


Link to post
Share on other sites

The Labour government aggressively courted the billionaires from places like Russia, deliberately leaving tax loopholes like the 'non-dom' tax break open for them so they could live here without paying taxes. I shouldn't have said 'loophole' though, those were tax breaks for billionaires not loopholes. Loopholes are things that are only open by mistake, these were deliberate. The Labour government just didn't want to admit it.

Anyway, since these homes are way beyond the reach of most British people if the foreign billionaires stop investing then with few local buyers to under pin the market it could be one hell of a crash.

Share this post


Link to post
Share on other sites

What about other European countries? Do they bend over they same way?

You have to wonder the real reason for governments attracting billionaires to their shores. Doubtless, in part, its to gain leverage and intelligence over their competitors but in Britain's case of late, its not just that, its also to sustain high house prices, prevent negative equity en masse and prevent a complete collapse of the Britain's banking sector.

Edited by nmarks

Share this post


Link to post
Share on other sites

The Labour government aggressively courted the billionaires from places like Russia, deliberately leaving tax loopholes like the 'non-dom' tax break open for them so they could live here without paying taxes. I shouldn't have said 'loophole' though, those were tax breaks for billionaires not loopholes. Loopholes are things that are only open by mistake, these were deliberate. The Labour government just didn't want to admit it.

Anyway, since these homes are way beyond the reach of most British people if the foreign billionaires stop investing then with few local buyers to under pin the market it could be one hell of a crash.

Could we stop referring to these people as 'foreign billionaires'?

It's like referring to Al 'scarface' Capone as an 'American millionaire', which would be a very odd description.

These people are, for the most part, gangsters and despots, which is why they are so keen on acquiring a hiding place in London.

Edited by (Blizzard)

Share this post


Link to post
Share on other sites
Riots, banker-bashing and the threat of a mansion tax did not deter the global super-rich from investing more than £3.3bn in London property last year

Don't think too many of the "super-rich" would have put off by riots last year would they?

Another shinning example of the UKs quality journalism.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 338 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.