Is Prime London Crashing? - Merged Threads

[spyguy]

Not arguing against this but do you have a reference for that number?

http://www.ft.com/cms/s/0/43645264-12a7-11e6-839f-2922947098f0.html#axzz4ADhhZ4BM

'Three-quarters of EU citizens working in the UK would not meet current visa requirements for non-EU overseas workers if Britain left the bloc.'

75% is being too generous.

This is on the 35k earnings threshold.

[winkie]

[SOLZHENITSYN]

OK, not prime london...but could this be the first of many

http://www.rightmove.co.uk/property-for-sale/property-41991222.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FminBedrooms%3D2%26sortType%3D2%26viewType%3DLIST%26channel%3DBUY%26index%3D0%26radius%3D0.0%26numberOfPropertiesPerPage%3D24%26locationIdentifier%3DREGION%255E1296%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1296%26minBedrooms%3D2%26numberOfPropertiesPerPage%3D24%26previousSearchLocation%3DSurbiton%26radius%3D0.0%26searchLocation%3DSurbiton%26searchType%3DSALE%26sortType%3D2%26useLocationIdentifier%3Dfalse%26viewType%3DLIST%26box%3D-0.31559%2C-0.28683%2C51.38938%2C51.40296%26popupPropertyId%3D41991222&fromMap=true

Extremely motivated! First one Ive seen, must be desperate to come out and say it...

[SOLZHENITSYN]

Should add, they just dropped price from £470k to £449k

OK, not prime london...but could this be the first of many

http://www.rightmove.co.uk/property-for-sale/property-41991222.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FminBedrooms%3D2%26sortType%3D2%26viewType%3DLIST%26channel%3DBUY%26index%3D0%26radius%3D0.0%26numberOfPropertiesPerPage%3D24%26locationIdentifier%3DREGION%255E1296%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1296%26minBedrooms%3D2%26numberOfPropertiesPerPage%3D24%26previousSearchLocation%3DSurbiton%26radius%3D0.0%26searchLocation%3DSurbiton%26searchType%3DSALE%26sortType%3D2%26useLocationIdentifier%3Dfalse%26viewType%3DLIST%26box%3D-0.31559%2C-0.28683%2C51.38938%2C51.40296%26popupPropertyId%3D41991222&fromMap=true

[TheCountOfNowhere]

100k+'still to go!

200++

[Rigged]

OK, not prime london...but could this be the first of many

http://www.rightmove.co.uk/property-for-sale/property-41991222.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FminBedrooms%3D2%26sortType%3D2%26viewType%3DLIST%26channel%3DBUY%26index%3D0%26radius%3D0.0%26numberOfPropertiesPerPage%3D24%26locationIdentifier%3DREGION%255E1296%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1296%26minBedrooms%3D2%26numberOfPropertiesPerPage%3D24%26previousSearchLocation%3DSurbiton%26radius%3D0.0%26searchLocation%3DSurbiton%26searchType%3DSALE%26sortType%3D2%26useLocationIdentifier%3Dfalse%26viewType%3DLIST%26box%3D-0.31559%2C-0.28683%2C51.38938%2C51.40296%26popupPropertyId%3D41991222&fromMap=true

Extremely motivated! First one Ive seen, must be desperate to come out and say it...

[Rigged]

[Growlers2]

http://www.bloomberg.com/news/articles/2016-06-01/equity-residential-warns-of-softening-nyc-san-francisco-rents

London next?

[Patient London FTB]

http://www.bloomberg.com/news/articles/2016-06-01/equity-residential-warns-of-softening-nyc-san-francisco-rents

London next?

Hopefully!

[Steppenpig]

As this issue of the incompleteness of the land reg data crops up every month, can I suggest someone who has the data trawl through and plot graphs of the 1st, 2nd, 3rd/final estimates etc.

i.e, for the first estimate, the april data is taken from this month's release, the march from last months, and so on

for the 2nd estimate, the march data is taken from this month's, the feb from from last month's, etc.

etc.

[billybong]

Chart dump:

This is new flat sales in London by month: (Land registry data filtered for new, leasehold, greater london):

April data is incomplete, March should be fairly complete unless it works very differently for new properties. Wow. You can't see the drop off properly in the chart, this is the underlying data:

----------------------------------------

This is total sales by month for properties that cost over 10x median price (not just London). I've been experimenting with ways of representing how super prime is moving.

The second (>£2.8m) home spike in March.

The s

Clearly the lowest since records began.

Long may it stay that way.

[Tempus]

I think we'll see very low sales volumes in London for May and June, but... they have the perfect excuse of the referendum uncertainty.

And without wanting to see the thread drift back to Brexit talk, I think it's a reasonable excuse. So we'll need to wait a month or two to get a clear picture.

In the meantime, not quite prime, but bargain property alert for SE18. So bad there's no photo. Plus it's cash only. But, hey, only £175,000 http://www.rightmove.co.uk/property-for-sale/property-42204822.html

[london_thirtythree]

More anecdotal rather than part of a trend (at least as far as I know), but received the email below which hints at at least one BTL heading for the exits post-haste.

"Please excuse the in direct email.

We have a fantastic property in the heart of London Fields with a stunning terrace are that we are urgently requiring a buyer.

Our vendor is inviting offers as he is in need of a sale due to tax reasons.

I have attached the link below.

http://www.stirlingackroyd.com/property-for-sale/-for-sale-in-gransden-avenue-london-e8/24512"

(or its the latest wheeze from the EA to drum up interest, who can tell..)

610k though! Rather someone else than me.. not sure I'd even consider the place unless there was at least 100k off that! London Fields is lovely, but at last count, not paved with gold.

[shindigger]

More anecdotal rather than part of a trend (at least as far as I know), but received the email below which hints at at least one BTL heading for the exits post-haste.

"Please excuse the in direct email.

We have a fantastic property in the heart of London Fields with a stunning terrace are that we are urgently requiring a buyer.

Our vendor is inviting offers as he is in need of a sale due to tax reasons.

I have attached the link below.

http://www.stirlingackroyd.com/property-for-sale/-for-sale-in-gransden-avenue-london-e8/24512"

(or its the latest wheeze from the EA to drum up interest, who can tell..)

610k though! Rather someone else than me.. not sure I'd even consider the place unless there was at least 100k off that! London Fields is lovely, but at last count, not paved with gold.

What a dump.

[999house]

More anecdotal rather than part of a trend (at least as far as I know), but received the email below which hints at at least one BTL heading for the exits post-haste.

"Please excuse the in direct email.

We have a fantastic property in the heart of London Fields with a stunning terrace are that we are urgently requiring a buyer.

Our vendor is inviting offers as he is in need of a sale due to tax reasons.

I have attached the link below.

http://www.stirlingackroyd.com/property-for-sale/-for-sale-in-gransden-avenue-london-e8/24512"

(or its the latest wheeze from the EA to drum up interest, who can tell..)

610k though! Rather someone else than me.. not sure I'd even consider the place unless there was at least 100k off that! London Fields is lovely, but at last count, not paved with gold.

London fields is a shithole. 615k? serious? Wouldnt pay 250.

[Granit]

A distressed seller of <60sqm in London Fields = 610k. What a joke.

Clearly the lowest since records began.

Long may it stay that way.

It may not be the lowest ever after the data gets revised up but it'll be a substantial drop.

[Guest BillyNI]

Architecturally designed! As opposed to what?

I don't think the seller is distressed so much as deluded

[TheCountOfNowhere]

More anecdotal rather than part of a trend (at least as far as I know), but received the email below which hints at at least one BTL heading for the exits post-haste.

"Please excuse the in direct email.

We have a fantastic property in the heart of London Fields with a stunning terrace are that we are urgently requiring a buyer.

Our vendor is inviting offers idiots as he is in need of a sale due to tax reasons.

I have attached the link below.

http://www.stirlingackroyd.com/property-for-sale/-for-sale-in-gransden-avenue-london-e8/24512"

(or its the latest wheeze from the EA to drum up interest, who can tell..)

610k though! Rather someone else than me.. not sure I'd even consider the place unless there was at least 100k off that! London Fields is lovely, but at last count, not paved with gold.

[spunko2010]

Architecturally designed! As opposed to what?

There was a thread on this here recently; apparently not all new build estates use an architect, just an "architectural designer" or something. I was pretty shocked too.

[suntory]

Here is an anecdote that might interest you. In 2012 I registered for a shared ownership flat in N1C. I think it was called Rubicon. Since registering my interest I received two emails. One from November 2012 and one from December 2012 informing me that flats are selling fast and so forth.

For four years I hear nothing ........

..... until today when I receive this in my inbox:

The question is: why are they contacting me now? Why they not contact me in four year? What is the state of the market if they feel the need to recycle email addresses that were provided four years ago and not used since?

We all know the answers to those questions but I still want to pose them.

Desperate times require desperate measures.

[thewig]

Looks like a prison block. Would not particularly want to live there myself as I prefer a detached with a garden and driveway, but I'd definitely be in the market for buying a couple. Just rent em out, innit.

[suntory]

Looks like a prison block. Would not particularly want to live there myself as I prefer a detached with a garden and driveway, but I'd definitely be in the market for buying a couple. Just rent em out, innit.

Yes, great idea. If you fancy 3.6 GROSS rental yield for a two bedroom flat (£855k versus 12 x £2600 pcm): http://www.rightmove.co.uk/property-to-rent/property-42176460.html

And of course that is BEFORE service charge, ground rent, insurance, stamp duty, solicitors, voids, EA fees and all that stuff. I'd be amazed that over a long term basis any LL can make more than 1.5% yield on that.

[spunko2010]

Don't know why you aren't biting their hand off suntory. Looks like a steal.

[Snugglybear]

Have volume house builders ever used architects?

There's a section of the Barratt Homes website called "The Construction Lifecycle". I don't see any mention of architects or architecture on it.

[Quicksilver]

Yes, great idea. If you fancy 3.6 GROSS rental yield for a two bedroom flat (£855k versus 12 x £2600 pcm): http://www.rightmove.co.uk/property-to-rent/property-42176460.html

And of course that is BEFORE service charge, ground rent, insurance, stamp duty, solicitors, voids, EA fees and all that stuff. I'd be amazed that over a long term basis any LL can make more than 1.5% yield on that.

Also before the new Tax rules strip away Debt Interest Relief. It simple wont make ANY money at all, doubt it will wash its face.