Is Prime London Crashing? - Merged Threads

[TheCountOfNowhere]

Written with regard to the Aussie market, which is very heavily influenced by the Chinese. Surely this will affect London as well?

http://www.zerohedge.com/news/2015-09-15/aussie-property-market-collapse-looms-chinese-flee-amid-capital-controls

Surely the CHinese money going into London has stopped ?

What happened to the government clampdown on money laundering purchases ?

[Snugglybear]

Surely the CHinese money going into London has stopped ?

What happened to the government clampdown on money laundering purchases ?

First, they have to decide what is "dirty money". (Quite a lot of money from China will come from legitimate business or trade - e.g. making tat for the rest of the world to buy.)

Isn't that going to need lots of forensic accountants and similar? Does the government have that capacity?

Then they have to do something about it. Does the government have the enforcement capacity?

[DiscoDave]

Can anyone confirm how you see the full history of houses available rather than just the two years in the standard trends that I get

[Frizzers]

Here you go, Northshore. Thanks for your help:

http://moneyweek.com/london-new-build-property-uk-house-prices-top-out/

[Vigilante1]

Hey Dominic

Why isn't there a link in ya email newsletter to comment on the article?

Have moneyweek disabled it?

Anyway...

''Unless, that is, they are putting in a top right here and now.''

AGREED thats what I reckon, come Oct/Nov ...the blood should start dripping in the streets HOPEFULLY!

[Guest_growlers_*]

Bet rightmove will block that 8 year view.

[This time]

Is this the fastest 10% haircut in London new build history? Turned up on Rightmove on the 7th at £500k and reduced to £450k by the 11th.

http://www.rightmove.co.uk/new-homes-for-sale/property-54128282.html?showcase=true&premiumA=true

[TheCountOfNowhere]

Is this the fastest 10% haircut in London new build history? Turned up on Rightmove on the 7th at £500k and reduced to £450k by the 11th.

http://www.rightmove.co.uk/new-homes-for-sale/property-54128282.html?showcase=true&premiumA=true

Rightmove Index works on initial asking price, though they claim it's after 1 month....not sure about that, what about all those 10 x average wage houses that sell 1 day in.

[Confusion of VIs]

I think mistakes have been made in the listing, either that or one bedroom two bathroom flats are the future.

[Frick]

I think mistakes have been made in the listing, either that or one bedroom two bathroom flats are the future.

They're the BTL future. And that's who they're aimed at.

[TheCountOfNowhere]

They're the BTL future. And that's who they're aimed at.

Buy To Loose

[This time]

I've just noticed the big red box on the right saying HTB available on some of the flats - that'll explain the £450k starting price.

[Up the spout]

Found this online. Merton, lol.

[Guest_growlers_*]

http://doerupperdiary.blogspot.co.uk/

"They call them Offers, I call them Pointless.

The next time I go to my local butcher for a couple of steaks, here's what I'm going to do.

When he's cut, weighed and priced them, I'm going to make him an offer.

If he's asking £10 for the steak, here's what I'm going to say:

"Look I know these are two wonderful steaks, probably dry-aged for 35 days and from a farm where you know each animal by its first name, but frankly they're not worth £10 to me. I'll give you £7."

When he looks ready to faint with shock, and repeats the price of £10, I'll offer him £8.

And when he says no again, I'll walk out and see if I can get a better price at Waitrose, even though I know the meat will not be as good.

That's what it's like selling my house.

We've had several offers lately, but they've been from people who seem more determined to get a big discount than a house they appear to like.

Our asking price has already come down significantly and yet there's a perception that the market's so bad between £2m-£3m you can offer almost anything.

Well, you can try.

Like I could at the butcher's."

https://twitter.com/HenryPryor/status/644440094557007872

[Siggison]

I have been looking at the astronomical prices being asked for new builds in Brentford. For a paltry £1.2M - £1.3M you can get your hands on a 2-bed apartment in the 'Great West Quarter' development. But you better be quick as there are only 2 left (44 sold) according to Foxtons.

Despite the fact that the development is in Brentford the marketing material seems to focus strongly on its proximity to Chiswick, so much so that 'Great location close to Chiswick High Road' is one of the key features. They mention that it has 'easy access to the M4', they fail to mention that you could probably jump on to it if you felt adventurous and is actually closer to Brentford High Street than Chiswick High Street. But at least you can watch the 'Bees' play from your bedroom window. But I guess Chiswick has more resonance in the Far East than Brentford!!

[pipllman]

http://doerupperdiary.blogspot.co.uk/

"They call them Offers, I call them Pointless.

The next time I go to my local butcher for a couple of steaks, here's what I'm going to do.

When he's cut, weighed and priced them, I'm going to make him an offer.

If he's asking £10 for the steak, here's what I'm going to say:

"Look I know these are two wonderful steaks, probably dry-aged for 35 days and from a farm where you know each animal by its first name, but frankly they're not worth £10 to me. I'll give you £7."

When he looks ready to faint with shock, and repeats the price of £10, I'll offer him £8.

And when he says no again, I'll walk out and see if I can get a better price at Waitrose, even though I know the meat will not be as good.

That's what it's like selling my house.

We've had several offers lately, but they've been from people who seem more determined to get a big discount than a house they appear to like.

Our asking price has already come down significantly and yet there's a perception that the market's so bad between £2m-£3m you can offer almost anything.

Well, you can try.

Like I could at the butcher's."

https://twitter.com/HenryPryor/status/644440094557007872

but if the steak has been sat on the shelf a while - so long in fact that the butcher has had to trim a mouldy bit off the edge before putting it on display today - she might take your bid.

if you don't make an offer lower than the asking price, you have no chance of buying it for less the asking price

if you do offer lower than the asking price, then even if your initial offer(s) are rejected, you are still in with a chance of buying it

I wonder if the seller in the story would stop the estate agent going to a full and final sealed bids scenario if there was a lot of interest? Would he say, no Ms EA, the asking price is £2.5m and I won't take a penny more...

[This time]

http://doerupperdiary.blogspot.co.uk/

"They call them Offers, I call them Pointless.

The next time I go to my local butcher for a couple of steaks, here's what I'm going to do.

When he's cut, weighed and priced them, I'm going to make him an offer.

If he's asking £10 for the steak, here's what I'm going to say:

"Look I know these are two wonderful steaks, probably dry-aged for 35 days and from a farm where you know each animal by its first name, but frankly they're not worth £10 to me. I'll give you £7."

When he looks ready to faint with shock, and repeats the price of £10, I'll offer him £8.

And when he says no again, I'll walk out and see if I can get a better price at Waitrose, even though I know the meat will not be as good.

That's what it's like selling my house.

We've had several offers lately, but they've been from people who seem more determined to get a big discount than a house they appear to like.

Our asking price has already come down significantly and yet there's a perception that the market's so bad between £2m-£3m you can offer almost anything.

Well, you can try.

Like I could at the butcher's."

https://twitter.com/HenryPryor/status/644440094557007872

This is the guy with the 2.6 million quid two (sorry three) bed in Kensington with the front door that opens straight into the living room isn't it?

[pipllman]

Kensington Palace Gardens, 3 for sale just now apparently

The sale of any one of them could skew the averages couldn't it?

http://www.dailymail.co.uk/news/article-3240194/10-bedroom-mansion-London-s-Billionaires-Row-market-85m.html

[Neverwhere]

This is the guy with the 2.6 million quid two (sorry three) bed in Kensington with the front door that opens straight into the living room isn't it?

Yes. There's an actual three bed for sale on the same street for a lower asking price as well IIRC.

Edit: here's the blogger's 2 bed, the cheaper 3 bed and also the significantly cheaper Victorian flats that can be had on the same street here, here and here (note that 'cheaper' obviously does not mean 'cheap'!)

Edited September 18, 2015 by Neverwhere

[This time]

Yes. There's an actual three bed for sale on the same street for a lower asking price as well IIRC.

There is, 50k cheaper with same footprint and better layout.

[Neverwhere]

There is, 50k cheaper with same footprint and better layout.

Anything that doesn't have the front door opening straight into the living room would be a better layout! I suspect that if it doesn't sell before the winter properly sets in then the live-in developers will quickly find out why this is not a desirable layout for what is after all Northern Europe.

[Frick]

http://www.rightmove.co.uk/property-for-sale/property-50649814.html

*PLEASE NOTE: Cash buyers & Nat-West Mortgages only

* Nat-West is the only lender who will lend on this building.

Wtf?

[Snugglybear]

http://www.rightmove.co.uk/property-for-sale/property-50649814.html

Wtf?

I just love the mirrors trying to disguise the fact that there's a stonking great pillar in the middle of the living room.

[Frick]

Looking into the price history this is really odd, given this is in London. Looks like prices in this building are still below 2006 initial build prices?

http://www.rightmove.co.uk/house-prices/SE18/Greens-End.html

£245,000 Flat, Leasehold 06 Feb 2015 2 bedrooms £146,500 Flat, Leasehold 14 May 2010 £312,872 Flat, Leasehold 16 Aug 2005

What's up with that?

[Snugglybear]

Looking into the price history this is really odd, given this is in London. Looks like prices in this building are still below 2006 initial build prices?

http://www.rightmove.co.uk/house-prices/SE18/Greens-End.html

What's up with that?

Curiouser and curiouser.

On nethouseprices you get the following:

Flat 503 Sold £255,000 23/02/15 Sold £288,730 06/07/05

Flat 502 Sold £250,000 06/02/15 Sold £288,730 06/07/05

Flat 207 Sold £190,000 11/04/14 Sold £399,229 23/03/06

Flat 216 Sold £170,000 14/02/14 Sold £340,000 25/01/06

Flat 808 Sold £136,000 31/08/12 Sold £278,530 05/09/05

But some increases, although not of the magnitude usual in London.

Flat 407 Sold £245,000 06/02/15 £146,500 14/05/10

Flat 405 Sold £272,520 26/09/14 Sold £240,000 20/06/06

According to an English Heritage paper from 2012 https://www.bartlett.ucl.ac.uk/architecture/research/survey-of-london/woolwich/documents/48.4_Powis_Street_and_Green_s_End_Areas.pdfthe conversion of the building from offices into flats was completed in 2005.

Comparing the 2005/06 prices with 2014/15 prices, do we suspect shenanigans with the original sale prices?

Around £150,000 - £185,000 are the sold prices for flats in The Vista Building, Calderwood Street, Woolwich, which can't be that far away.