Pablo Posted March 11, 2016 Share Posted March 11, 2016 "London’s tumbling house prices" (I can’t read due to lack of subscription but an interesting title) http://moneyweek.com/londons-tumbling-house-prices/ "Property House Market Warning - London house prices set to crumble" http://www.express.co.uk/finance/personalfinance/651529/Property-market-WARNING-House-prices-in-London-to-crumble-amid-tax-changes Quote Link to comment Share on other sites More sharing options...
royalvictor Posted March 13, 2016 Share Posted March 13, 2016 My daily observation on the DLR to/from work: Ballymore's newest & finest, the New Providence Tower (Blackwall) caught my eye. This development complex has two parts, a lower round block and a tower. I have been counting windows with lights on around 7-8pm every evening now. Must be another ghost village. Perhaps 20% seem occupied. During my morning commute, I have not notices more folks getting in at East India or Blackwall over the past 1 year, so pre/post completion comparison supports this. On City Island (Canning Town), some asking price reductions have started. Smallish though: 20k perhaps. Still overprices by 100k considering the square footage you can get in the outer parts of London in the West. How many units have been sold, no idea. I called up the site, asking how the development is progressing as I cannot see visible progress. They said phase 1 would be completed, they're now on phase 2. Just looks like a major construction site to me, why would anyone move in the completed parts? Zero infrastructure, all the shops and bistros the high gloss brochures suggest, hmm, not seeing any of that ... Does anyone have any info on the Royal Wharf and the Asian Business Park with these new developments? Or the Hoola and the Royal Gateway development? The latter is a total joke. The close vicinity around it would make me run! Quote Link to comment Share on other sites More sharing options...
Neverwhere Posted March 13, 2016 Share Posted March 13, 2016 Posted elsewhere but it seems like it might also be relevant here: What Mortgage - Proportion of London landlords looking to sell quadruples The percentage of landlords in central London who intend to sell has quadrupled since last summer’s Budget, the highest rise in the UK, new research shows. According to the National Landlords Association, the number of landlords looking to sell in the capital has shot up from just 4% to 19% since last summer. Especially given the relative concentration of buy-to-let in London: Bank Underground - Five facts about buy-to-let Fact 1: BTL investors prefer (a) London and (b ) flats BTL investors target areas and type of properties with a large private rented market. Figure 2 lots the percentage of Land Registry transactions classified as BTL against the percentage of the housing stock privately rented (as reported by DCLG). The left-hand side chart shows that BTL activity is much more common in London than elsewhere. The right-hand side chart shows that flats are more likely to be sold to BTL investors than other types of dwellings (terraced, semi-detached, and detached houses). Figure 2: BTL density, by region and type of dwelling Quote Link to comment Share on other sites More sharing options...
Venger Posted March 13, 2016 Share Posted March 13, 2016 I was thinking major depression. Take a chill pill. Take a deep breath. Go do some exercise. Get a life. Stop with these doctor/depression attacks.... I think the gov has to shoulder most of the blame though. People/Companies will always take the easiest route to making money. The government shouldnt have let the supply side get so out of sync. Then BTL wouldnt be worth it as prices remained steady. Quote Link to comment Share on other sites More sharing options...
Venger Posted March 13, 2016 Share Posted March 13, 2016 Shrug it off Count. It's still BMW/VW/RangeRover land out there, booming shops, but you know it's difficult market full of opposing views when you're being told you are mad, and to go and have a discrete word to a doctor about your paranoia, by those in late 2014 were convinced of a massive HPI ripple to come from London to all over the UK; and that these prices were as good as it was going to get, for buying. Hold to same position now as I did then; the banks are stronger, and what is needed is to let the HPI ripple heads take the HPC. We've already had the fiscal response and the ripple/foreverHPI heads have danced into it. 27 January 2014 UK housing stock value climbs to £5,205,000,000,000 but the gap between the haves and the have nots grows Total value of UK’s housing stock now £5.2tn, from £3.6tn in 2003 Total value rose £186bn in 2013, of which >£100bn in London 10 wealthiest London boroughs worth 9% more than Scotland, Wales and Northern Ireland combined Westminster and Kensington & Chelsea are together worth >£200 billion, 15% more than Wales Since 2008: Private rented sector has risen £275bn to almost £1 trillion Wealth of 8.4 billion unmortgaged owner occupiers has risen £86 billion to £1.8 trillion But mortgaged owner occupied sector down -£172bn, an average fall of £11,000 per mortgaged household Most indebted owner occupiers are in South are Slough (75% debt) and Newham (76%), but Blackpool (79% debt) and Burnley (80%) top the list of most indebted locations The total value of the UK’s housing stock has risen from £3.6 trillion to £5.2 trillion over the past ten years, but the balance of housing wealth continues to tilt from North to South and become ever more concentrated in the hands of mortgage free homeowners, according to new data from international real estate adviser, Savills. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 13, 2016 Share Posted March 13, 2016 (edited) Shrug it off Count. No idea where that nonsense came from. I'm pointing out the absurdities of focusing more and more on London when the rest of the country is turning into not much more than ghettos for commuters and benefit claimants.The world does not revolve around London. For and country to put all its eggs in one basket is dangerous for a multitude of reasons. The personal attack was unwarranted, makes we wonder about his agenda, nothing more. I feel sorry for some people that come on here and can't see past the end of their retina. Got bigger things to worry about than some idiot on a forum, like, which toilet should I use for a dump before I go to bed. Edited March 13, 2016 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Pablo Posted March 14, 2016 Share Posted March 14, 2016 London's property market is heading for a fall http://money.aol.co.uk/2016/03/13/london-s-property-market-is-heading-for-a-fall/ Quote Link to comment Share on other sites More sharing options...
999house Posted March 14, 2016 Share Posted March 14, 2016 No idea where that nonsense came from. I'm pointing out the absurdities of focusing more and more on London when the rest of the country is turning into not much more than ghettos for commuters and benefit claimants. The world does not revolve around London. For and country to put all its eggs in one basket is dangerous for a multitude of reasons. The personal attack was unwarranted, makes we wonder about his agenda, nothing more. I feel sorry for some people that come on here and can't see past the end of their retina. Got bigger things to worry about than some idiot on a forum, like, which toilet should I use for a dump before I go to bed. er hang on, you attacked me pretty harshly because I said what is wrong with building skyscrapers, if there is the demand for it? Then I get labelled London centric retard. Not everything is doom and gloom. In a city of 14m people, one would expect skyscrapers to be built. The reason there is so many, is because recently the has government realised the urban sprawl can't go on forever. It makes efficient sense to build up. Hence most world cities having skyscrapers. Quote Link to comment Share on other sites More sharing options...
Tapori Posted March 15, 2016 Share Posted March 15, 2016 London's property market is heading for a fall http://money.aol.co.uk/2016/03/13/london-s-property-market-is-heading-for-a-fall/ Nice summary. Pop-Poppity-Pop goes the market. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted March 15, 2016 Share Posted March 15, 2016 Can't wait for the pop my moment. Prices are absolutely mental all over west London and surroundings. A decent 2 bed flat in Ealing is over £400K (more like £500k) and houses over £600K. How many people earn that kind of money? Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted March 15, 2016 Share Posted March 15, 2016 Can't wait for the pop my moment. Prices are absolutely mental all over west London and surroundings. A decent 2 bed flat in Ealing is over £400K (more like £500k) and houses over £600K. How many people earn that kind of money? Very few indeed. Hence the 'need' for 40% Help to Buy... good luck selling those outside the HTB scheme when it's time to move on. Quote Link to comment Share on other sites More sharing options...
Tapori Posted March 15, 2016 Share Posted March 15, 2016 Can't wait for the pop my moment. Prices are absolutely mental all over west London and surroundings. A decent 2 bed flat in Ealing is over £400K (more like £500k) and houses over £600K. How many people earn that kind of money? I work in West near Ealing and Live East and I've got to say i don't understand how crazy your rental market is! Even flippin Hounslow maan. Quote Link to comment Share on other sites More sharing options...
Tapori Posted March 15, 2016 Share Posted March 15, 2016 Very few indeed. Hence the 'need' for 40% Help to Buy... good luck selling those outside the HTB scheme when it's time to move on. The good thing at least with HTB is IIRC, that all those juicy period non-new build houses on the market and ex-council flats on for near to a million do not qualify for HTB lending. When they come on the market once the BTL jitterbug shuffle starts it's gonna be carnage. In more London news, Boris's Genie deposit scheme where people could live and buy a house without a deposit and pay equity into the property over 30 years, has now gone tits-up Boris style and closed. Add that to his 1billion waste of TFL signalling and you have someone who is like a docile Donald Trump waiting to lead this great country. Quote Link to comment Share on other sites More sharing options...
gone skint Posted March 16, 2016 Share Posted March 16, 2016 Can't wait for the pop my moment. Prices are absolutely mental all over west London and surroundings. A decent 2 bed flat in Ealing is over £400K (more like £500k) and houses over £600K. How many people earn that kind of money? I see what you mean, but there are a few things which are supporting the madness. Many people bought these places at a 10th of the debt, many owners don't have a mortgage , people are bequeathed property , rents are horrendous, banks paying poor interest rates, people living longer, housing shortage , people are hanging on to properties.... I agree a person from scratch looking to get a 20% deposit £80k then a 320k debt it looks madness, but if the interest rate is 1.5% it's costing less than £5000 a year to fund it, rent would be £16000 a year , people on the train are OK to a degree people trying to get on are in a terrble situation .... Quote Link to comment Share on other sites More sharing options...
Guest BillyNI Posted March 16, 2016 Share Posted March 16, 2016 i love that this thread was started 2 years ago and it is still going Don't get me wrong, I genuinely believe that this is the year London crashes, but Jesus we don't half look stupid with a two year old thread on the question Quote Link to comment Share on other sites More sharing options...
Damik Posted March 16, 2016 Author Share Posted March 16, 2016 (edited) i love that this thread was started 2 years ago and it is still going Don't get me wrong, I genuinely believe that this is the year London crashes, but Jesus we don't half look stupid with a two year old thread on the question You talk like my wife ... Agreed, it is SNAFU ... Edited March 16, 2016 by Damik Quote Link to comment Share on other sites More sharing options...
gone skint Posted March 16, 2016 Share Posted March 16, 2016 i love that this thread was started 2 years ago and it is still going Don't get me wrong, I genuinely believe that this is the year London crashes, but Jesus we don't half look stupid with a two year old thread on the question What has the growth been in the last 2 years ? That needs to be accounted for before the drop questioned 2 years ago... Quote Link to comment Share on other sites More sharing options...
Tapori Posted March 17, 2016 Share Posted March 17, 2016 i love that this thread was started 2 years ago and it is still going Don't get me wrong, I genuinely believe that this is the year London crashes, but Jesus we don't half look stupid with a two year old thread on the question It's all about the foreplay... and then Bang! Maybe a HPC is like watching Barca wear the otherside down over a long time and then a few quick passes and GOAL! - Re: Thread looking dumb. - I wouldn't mind, anyone following it can see it's been pretty ok as it's followed the trajectory, It's not like you wake up one day and find it's HPC, these things happen in stages. Quote Link to comment Share on other sites More sharing options...
phead Posted March 17, 2016 Share Posted March 17, 2016 (edited) Was this already added? "London Battersea Developer to Cut Home Sizes as Demand Falls" http://www.bloomberg.com/news/articles/2016-03-16/london-battersea-developer-to-cut-home-sizes-as-demand-falls Edited March 17, 2016 by phead Quote Link to comment Share on other sites More sharing options...
juice05 Posted March 17, 2016 Share Posted March 17, 2016 Shoreditch apartments called the stage are offering to pay 2% on deposits for 3years, 3% guaranteed income for 3years with no servicing fees for three years. Lots of places paying your stamp duty at the mo Quote Link to comment Share on other sites More sharing options...
999house Posted March 17, 2016 Share Posted March 17, 2016 Shoreditch apartments called the stage are offering to pay 2% on deposits for 3years, 3% guaranteed income for 3years with no servicing fees for three years. Lots of places paying your stamp duty at the mo Good news. Sounds as if they are getting desperate. What I would like to know is, what is the unit cost or mark up of a standard 1 or 2 bed flat? Is there absolutely no way a flat could be built in zone 1 or 2 for a sensible price, day 250k to 350k? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 17, 2016 Share Posted March 17, 2016 Shoreditch apartments called the stage are offering to pay 2% on deposits for 3years, 3% guaranteed income for 3years with no servicing fees for three years. Lots of places paying your stamp duty at the mo That was happening in 2007. It's the bottom of the barrel. Quote Link to comment Share on other sites More sharing options...
darwin Posted March 17, 2016 Share Posted March 17, 2016 Shoreditch apartments called the stage are offering to pay 2% on deposits for 3years, 3% guaranteed income for 3years with no servicing fees for three years. Lots of places paying your stamp duty at the mo Cashflow problems. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted March 17, 2016 Share Posted March 17, 2016 Will start to see some nice bankruptcies and failures filtering through soon enough Quote Link to comment Share on other sites More sharing options...
juice05 Posted March 17, 2016 Share Posted March 17, 2016 Darwin, exactly encourages you to put 20% upfront immediately (20k is the max you get 2% on) Quote Link to comment Share on other sites More sharing options...
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