TheCountOfNowhere Posted April 21, 2016 Share Posted April 21, 2016 http://www.zoopla.co.uk/new-homes/details/40140453?search_identifier=90eab3581782bd1ab0b127eea7630d23#XwkyL5ICep7WWZ6A.97 Is prime everywhere crashing? New build on Deansgate, Manchester, 2018 completion, 13% reduction after 5 days. First listed £1,656,000 on 15th Apr 2016 Asking price changes£1,440,000 13.0% Reduced on: 20th Apr 2016 Ask yourself....is prime everywhere priced at insane levels with the intention of attracting London/Foreign money ? Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted April 21, 2016 Share Posted April 21, 2016 http://www.zoopla.co.uk/new-homes/details/40140453?search_identifier=90eab3581782bd1ab0b127eea7630d23#XwkyL5ICep7WWZ6A.97 Is prime everywhere crashing? New build on Deansgate, Manchester, 2018 completion, 13% reduction after 5 days. First listed £1,656,000 on 15th Apr 2016 Asking price changes£1,440,000 13.0% Reduced on: 20th Apr 2016 Wow!-I mean £1.4 mill for that. When you look what a bar can get you in Greater Manc http://www.rightmove.co.uk/property-for-sale/property-36474474.html?premiumA=true Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted April 21, 2016 Share Posted April 21, 2016 Ask yourself....is prime everywhere priced at insane levels with the intention of attracting London/Foreign money ? I think that's the hoped for trade.Locals won't be flooding the market with bids.The minimum wage has only gone up 50p an hour not £50. Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted April 21, 2016 Share Posted April 21, 2016 Looks like the plan isn't working in the land of Oz. http://www.abc.net.au/news/2016-04-21/quarterly-house-prices-fall-in-most-cities/7344624 'House prices fall in most cities as foreign buyer interest declines The national median house price has fallen for two consecutive quarters for the first time in almost five years. Data from real estate marketing company Domain show a 0.5 per cent decline in the national median house price in the March quarter, backing up a December fall. The last time there were two consecutive negative quarters was June 2011, in the midst of a mild national housing slump at the end of a Reserve Bank rate rise cycle that had taken the cash rate to 4.75 per cent. Compare that to the current cash rate at a record low of 2 per cent, where it has been for almost a year, and from which it looks more likely to fall than rise over the near term. The only cities to record quarterly house prices rises were Melbourne (1.2 per cent) and Hobart (4.3 per cent), while the worst quarterly falls were Darwin (-4.9 per cent) and Sydney (1.5 per cent). Unit prices fared even worse, with no city posting increases - Adelaide's flat result was the strongest. While Hobart's median house price was up, its typical unit price had the biggest fall of 6.2 per cent. Darwin and Perth also had substantial unit price falls of 4.1 and 3.7 per cent respectively over the quarter. A large number of property analysts have been warning for some time about unit price falls across many capital cities due to an apartment building boom that has led to a glut in many inner-city areas in particular. The news for property owners was better over the past year, with house prices still up 6.2 per cent on a year ago, and unit prices 3.4 per cent higher. Domain's chief economist, Dr Andrew Wilson, was relatively upbeat despite the recent slowdown, expecting modest price growth this year. "The outlook for house prices remains subdued with capital city growth, likely to continue to track at best just above the inflation rate for the remainder of 2016," he noted in the report. "The prospect of weaker house price growth, however, will be welcomed by prospective first home buyers still struggling to get into the market." Reduction in foreign buyers may be weighing on pricesA separate National Australia Bank study highlighted one potential factor in the price declines, with survey respondents reporting a drop-off in foreign buyer interest. NAB's first quarter residential property survey estimated that foreign buyers made up just under 12 per cent of the newly built market, a two-and-a-half-year low. The biggest falls in interest were reported in Victoria (now 10.7 per cent of the market), News South Wales (11.1 per cent) and Western Australia (2.9 per cent), although foreign buyers reportedly bought up more than a fifth of newly constructed homes in Queensland. Foreign interest fell for established homes as well, possibly coinciding with tougher penalties and enforcement in the sector commencing in December - only those who are resident in Australia are allowed to buy an established property, and it must be sold if they are no longer living in it as their primary residence. Overseas buyers made up 7.2 per cent of sales, down from an estimated 8.6 per cent the previous quarter. The NAB survey of developers, agents, fund managers and owners/investors did reveal an uptick in sentiment towards housing, rising from +1 to +6. That has prompted NAB to lift its house price forecast for 2016 to growth of 1.5 per cent, but the bank expects unit prices to decline 1 per cent this year.' Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 21, 2016 Share Posted April 21, 2016 Looks like the plan isn't working in the land of Oz. http://www.abc.net.au/news/2016-04-21/quarterly-house-prices-fall-in-most-cities/7344624 'House prices fall in most cities as foreign buyer interest declines The national median house price has fallen for two consecutive quarters for the first time in almost five years. Data from real estate marketing company Domain show a 0.5 per cent decline in the national median house price in the March quarter, backing up a December fall. The last time there were two consecutive negative quarters was June 2011, in the midst of a mild national housing slump at the end of a Reserve Bank rate rise cycle that had taken the cash rate to 4.75 per cent. Compare that to the current cash rate at a record low of 2 per cent, where it has been for almost a year, and from which it looks more likely to fall than rise over the near term. The only cities to record quarterly house prices rises were Melbourne (1.2 per cent) and Hobart (4.3 per cent), while the worst quarterly falls were Darwin (-4.9 per cent) and Sydney (1.5 per cent). Unit prices fared even worse, with no city posting increases - Adelaide's flat result was the strongest. While Hobart's median house price was up, its typical unit price had the biggest fall of 6.2 per cent. Darwin and Perth also had substantial unit price falls of 4.1 and 3.7 per cent respectively over the quarter. A large number of property analysts have been warning for some time about unit price falls across many capital cities due to an apartment building boom that has led to a glut in many inner-city areas in particular. The news for property owners was better over the past year, with house prices still up 6.2 per cent on a year ago, and unit prices 3.4 per cent higher. Domain's chief economist, Dr Andrew Wilson, was relatively upbeat despite the recent slowdown, expecting modest price growth this year. "The outlook for house prices remains subdued with capital city growth, likely to continue to track at best just above the inflation rate for the remainder of 2016," he noted in the report. "The prospect of weaker house price growth, however, will be welcomed by prospective first home buyers still struggling to get into the market."Reduction in foreign buyers may be weighing on pricesA separate National Australia Bank study highlighted one potential factor in the price declines, with survey respondents reporting a drop-off in foreign buyer interest. NAB's first quarter residential property survey estimated that foreign buyers made up just under 12 per cent of the newly built market, a two-and-a-half-year low. The biggest falls in interest were reported in Victoria (now 10.7 per cent of the market), News South Wales (11.1 per cent) and Western Australia (2.9 per cent), although foreign buyers reportedly bought up more than a fifth of newly constructed homes in Queensland. Foreign interest fell for established homes as well, possibly coinciding with tougher penalties and enforcement in the sector commencing in December - only those who are resident in Australia are allowed to buy an established property, and it must be sold if they are no longer living in it as their primary residence. Overseas buyers made up 7.2 per cent of sales, down from an estimated 8.6 per cent the previous quarter. The NAB survey of developers, agents, fund managers and owners/investors did reveal an uptick in sentiment towards housing, rising from +1 to +6. That has prompted NAB to lift its house price forecast for 2016 to growth of 1.5 per cent, but the bank expects unit prices to decline 1 per cent this year.' Isn't it odd that the WASP owned counties are all allowing foreigners to buy houses when they dont/cant live there. How bizarre Quote Link to comment Share on other sites More sharing options...
suntory Posted April 21, 2016 Share Posted April 21, 2016 And the relentless puking in SW8 continues .... Damik, I promise to you that the next ******ing LR report due in seven days will ******ing deliver!!!!! Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted April 21, 2016 Share Posted April 21, 2016 That graph would work better if inverted downwards. I had a mini-stroke then. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted April 21, 2016 Share Posted April 21, 2016 Anyone want to buy a passageway? Someone did, sold for 228,000. http://www.a-r.co.uk/property-for-sale-by-auction/lot-details/passageway-between-38-40-northcote-road-battersea-london-sw11%C2%A01nz/46342 Quote Link to comment Share on other sites More sharing options...
suntory Posted April 21, 2016 Share Posted April 21, 2016 The chief executive of the Battersea Power Station Development company (BPSD), Rob Tincknell, quoted in the Guardian today: "...... we're not worried." LOL Quote Link to comment Share on other sites More sharing options...
richc Posted April 22, 2016 Share Posted April 22, 2016 Anyone want to buy a passageway? Someone did, sold for 228,000. http://www.a-r.co.uk/property-for-sale-by-auction/lot-details/passageway-between-38-40-northcote-road-battersea-london-sw11%C2%A01nz/46342 I lived not far from there a couple of years ago, and I could see that space having commercial value, but the planning permission is for a residential unit which makes absolutely no sense. It's a very busy location surrounded by bars and restaurants. You would never sleep if you lived there. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 22, 2016 Share Posted April 22, 2016 The chief executive of the Battersea Power Station Development company (BPSD), Rob Tincknell, quoted in the Guardian today: "...... we're not worried." LOL Reminds me of the MP stood outside the northern rock saying....This bank is safe,. Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted April 22, 2016 Share Posted April 22, 2016 I lived not far from there a couple of years ago, and I could see that space having commercial value, but the planning permission is for a residential unit which makes absolutely no sense. It's a very busy location surrounded by bars and restaurants. You would never sleep if you lived there. That's probably not a problem for the predicted foreign buyer, they never live there anyway. Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted April 22, 2016 Share Posted April 22, 2016 http://uk.businessinsider.com/lonres-luxury-properties-in-london-data-and-affordable-housing-impact-2016-4 Any merits in the claim? Quote Link to comment Share on other sites More sharing options...
rollover Posted April 22, 2016 Share Posted April 22, 2016 Flats for first-time buyers in London's Olympic boomtownFour years after the London Games Stratford is flying high. A report this month by JLL forecasts that prices in the area will increase by four per cent this year, and by 20 per cent between now and 2020. However, London Mayor Boris Johnson has promised that about a third of the new homes will be affordable and aimed at first-time buyers. Prices start at £106,500 for a 30 per cent share of a one-bedroom flat with a full market value of £355,000. Adding mortgage, rent, and monthly service charge of around £125, the total monthly cost for buyers comes in at £1,233. Two-bedroom flats start at £145,500 for a 30 per cent share, with monthly costs calculated at £1,664, and there are also some three-bedroom flats at the development, priced from £173,250 for 30 per cent. These will cost £1,986 per month. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted April 22, 2016 Share Posted April 22, 2016 http://uk.businessinsider.com/lonres-luxury-properties-in-london-data-and-affordable-housing-impact-2016-4 Any merits in the claim? So rich buyers will avoid the discounts in Prime areas to buy even more overvalued property in not-so-prime areas. Yeah right. Quote Link to comment Share on other sites More sharing options...
richc Posted April 22, 2016 Share Posted April 22, 2016 Flats for first-time buyers in London's Olympic boomtown Four years after the London Games Stratford is flying high. A report this month by JLL forecasts that prices in the area will increase by four per cent this year, and by 20 per cent between now and 2020. However, London Mayor Boris Johnson has promised that about a third of the new homes will be affordable and aimed at first-time buyers. Prices start at £106,500 for a 30 per cent share of a one-bedroom flat with a full market value of £355,000. Adding mortgage, rent, and monthly service charge of around £125, the total monthly cost for buyers comes in at £1,233. Two-bedroom flats start at £145,500 for a 30 per cent share, with monthly costs calculated at £1,664, and there are also some three-bedroom flats at the development, priced from £173,250 for 30 per cent. These will cost £1,986 per month. My rent is £2000 per month for a 7 bed house on an acre of land, 25 minutes from Kings Cross. Maybe I should trade it in for a 30% share of a 3 bed flat in Stratford? Quote Link to comment Share on other sites More sharing options...
shindigger Posted April 22, 2016 Share Posted April 22, 2016 Flats for first-time buyers in London's Olympic boomtown Four years after the London Games Stratford is flying high. A report this month by JLL forecasts that prices in the area will increase by four per cent this year, and by 20 per cent between now and 2020. However, London Mayor Boris Johnson has promised that about a third of the new homes will be affordable and aimed at first-time buyers. Prices start at £106,500 for a 30 per cent share of a one-bedroom flat with a full market value of £355,000. Adding mortgage, rent, and monthly service charge of around £125, the total monthly cost for buyers comes in at £1,233. Two-bedroom flats start at £145,500 for a 30 per cent share, with monthly costs calculated at £1,664, and there are also some three-bedroom flats at the development, priced from £173,250 for 30 per cent. These will cost £1,986 per month. Completely insane. Quote Link to comment Share on other sites More sharing options...
MrPin Posted April 22, 2016 Share Posted April 22, 2016 My rent is £2000 per month for a 7 bed house on an acre of land, 25 minutes from Kings Cross. Maybe I should trade it in for a 30% share of a 3 bed flat in Stratford? Well I guess that's good value from what I see of London prices. £2000 a month? Ouch! Quote Link to comment Share on other sites More sharing options...
winkie Posted April 22, 2016 Share Posted April 22, 2016 Well I guess that's good value from what I see of London prices. £2000 a month? Ouch! There are many that rent out their only box flat using the rent it generates to pay the rent on something far more superior...makes financial and quality of life sense. Quote Link to comment Share on other sites More sharing options...
This time Posted April 22, 2016 Share Posted April 22, 2016 Flats for first-time buyers in London's Olympic boomtown Four years after the London Games Stratford is flying high. A report this month by JLL forecasts that prices in the area will increase by four per cent this year, and by 20 per cent between now and 2020. However, London Mayor Boris Johnson has promised that about a third of the new homes will be affordable and aimed at first-time buyers. Prices start at £106,500 for a 30 per cent share of a one-bedroom flat with a full market value of £355,000. Adding mortgage, rent, and monthly service charge of around £125, the total monthly cost for buyers comes in at £1,233. Two-bedroom flats start at £145,500 for a 30 per cent share, with monthly costs calculated at £1,664, and there are also some three-bedroom flats at the development, priced from £173,250 for 30 per cent. These will cost £1,986 per month. I pay about the same for a two bed in Wimbledon which doesn't have a chicken cottage. Quote Link to comment Share on other sites More sharing options...
Pablo Posted April 22, 2016 Share Posted April 22, 2016 Interesting report from knight Frank via LinkedIn https://lnkd.in/eutyDT2 Quote Link to comment Share on other sites More sharing options...
South Lorne Posted April 22, 2016 Share Posted April 22, 2016 Interesting report from knight Frank via LinkedIn https://lnkd.in/eutyDT2 ...hah..hah...they sound a bit panicy.... Quote Link to comment Share on other sites More sharing options...
winkie Posted April 23, 2016 Share Posted April 23, 2016 Completely insane. How we all laughed.......one born every minute. All London wants is rich people, or poor people that are prepared to both work hard without ever owning anything or prepared to slum it....not very pretty......how times have changed, choices. Quote Link to comment Share on other sites More sharing options...
North London Rent Girl Posted April 23, 2016 Share Posted April 23, 2016 Radio 4's Today programme had section on housing in London at 7.30 - it will be available to listen again later this morning. http://www.bbc.co.uk/programmes/b0780jwl The message was that, whilst prime London is 'cooling', it will not affect the wider property market, they quoted an estate agent's prediction that prices will double in the next ten years. The problem is supply and demand, although they did say that some people thought it was more about allocation. Also, now it's developers that we have to worry will leave if we regulate - they will, apparently, go and build in other major cities. So, ok, bit of a new one there! But in general, standard static-state view, small change at high end but nothing else going on, a single, straightforward main cause that nobody can really do anything about. Back to sleep everyone! Housing also mentioned in an interview with Sadiq Khan but didn't catch most of it. As for this... Prices start at £106,500 for a 30 per cent share of a one-bedroom flat with a full market value of £355,000. Adding mortgage, rent, and monthly service charge of around £125, the total monthly cost for buyers comes in at £1,233. Two-bedroom flats start at £145,500 for a 30 per cent share, with monthly costs calculated at £1,664, and there are also some three-bedroom flats at the development, priced from £173,250 for 30 per cent. These will cost £1,986 per month. Wow, and what happens to the poor schmos who go for this if there is a crash? Presumably this isn't a no-recourse arrangement and they'll be left with a lifetime of debt owed on a third of burger-all. Who on earth is going to go for it?! Who are these people? Why don't I know any?! Does anyone here know one?! They're like griffins, except, apparently, there are loads of them. The common griffin: squillions of em but nobody sees them. Like premium bond winners! Quote Link to comment Share on other sites More sharing options...
thewig Posted April 23, 2016 Share Posted April 23, 2016 Supply and demand, innit? Quote Link to comment Share on other sites More sharing options...
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