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Is Prime London Crashing? - Merged Threads


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Hello, long time lurker here. I live and grew up in London and, like all of you got fed up of the ridiculous house prices in London (and much of the UK), and found myself on here.  Anyway, enough

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London like all places has both good and the not so good......a fall back on high property prices can only improve the place......reducing high housing cost and extortionate rents, cramped living in HMO makes the place less desirable to many people who are moving away, further away than the suburbs due to the high cost and poor transport infrastructure.....three hours a day five or six days a week being moved like cattle is not something many can or will want to do for long........life is too short.?

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2 hours ago, guest_northshore said:

LSL Acadata:
+2.9% yoy London in Apr (from adjusted +3.6% in Mar)
+2.2% yoy England and Wales in May

The about-turn is due to new index weights and methodology change for new build properties.
http://www.acadata.co.uk/acadataHousePrices.php

New buiks being bumped up 40% too much

 

 

What a ffffing scam

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When the luxury developers are not bullish anymore

Quote

UK housebuilder Berkeley has called the top of the London housing market.

After some bumper years, Berkeley told shareholders that profits will drop by 30% in the 2018/19 financial year, as the sector returns to “more normal” times.

Chairman Tony Pidgley says that new housing starts in London have dropped by a third in the last two years (or since the EU referendum, basically).

Pidgley blames Brexit uncertainty for the drop in activity:

It is telling that some funders and builders are choosing to exit the market when faced with the degree of risk and regulation that now confronts development in the capital where macro and political uncertainty, including Brexit, are leading to this caution.

This is a great shame as London is a fantastic world-class city with unique attributes that will last long beyond the current hiatus which is only exacerbating the well documented under-supply.

Guardian business live feed 20/06/2018 11:13 am

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  • 2 weeks later...
On 13/06/2018 at 07:09, Bearly Audible said:

Didn't realise Paul Lewis was a HPCer...

Had a dig around and there may be an interesting story around that sale.

Although I am not totally certain it's about the same property - and I don't need to get into any trouble -  so leave it for others to look for themselves.

Old listing https://www.rightmove.co.uk/property-for-sale/property-64221811.html
Previous solds: https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=53890758&sale=84148566&country=england

Regardless of whether it is or isn't, the papers I read were a good reminder that creditors still will seek their money back, if rules broken, debt owed and so on, and that fees get added.  So the real world is not actually all hugs hugs and 'they didn't know what they were doing and let them off cause just wanted a home and all banks fault and no one can be trusted enough to buy a house'.

Quote

 

19 Apr 2018    Liquidators' statement of receipts and payments to 8 February 2018    

Following investigation, the Liquidator concluded that the shareholder/directors had
drawn unlawful dividends totalling £318,072 and formal demand for repayment of this sum
was sent to the sharholder/directors....

...made it clear that this sum could not be repaid by them except out of the proceeds of
sale of their London residential property.   .....Pending sale of the property in what is
currently a difficult sector of the London property market, the Liquidator demanded xx's
consent to place a charge on the property to avoid its possible sale and possible failure
to account for the funds due to be repaid to the company.  
The demand prompted xx to take
legal advice.    ....the Liquidator placed a time-limit of .... failing which legal action would ensue.

Liquidator's Remuneration: ...320.7 hours had been engaged to the liquidation, having a fee-value of £80,175

 

The only thing difficult about the London property market is the painful expensive asking prices, few listings, BTLers hard in, low sale transactions.   Houses can be sold very quickly, if willing to cut asking prices.

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  • 2 weeks later...

Forgive me if I am wrong but didn't someone have some stats of areas within London and when they hit peak level and what they are worth now. For some reason I thought it was this discussion but I can't seem to find it. Can anyone help point me in the right direction?

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16 minutes ago, fru-gal said:

Was the 2014 price the whole house and the 2018 price just one half of it?

The 2014 price (£569,000) is listed under 78a Coniston Road, and the 2017 price (£360,000) is under 78b Coniston Road.

However, the description under 'Key Features' is identical, down to the spelling mistake (Recepption).

Is it possible that the listing has been cocked up? 

78a is evidently the ground floor flat and has a cellar, deck and garden.

There's been a flat 78b since at least 2003 (sold price £161,000 that year) and a 78c was sold on 14/04/2011 for £388,000. 78c has been a flat since at least 1999. So I suspect the first floor is split into two very small flats.

Note, the description of 78c in the Rightmove sold prices is once more identical, down to the spelling error.

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6 minutes ago, fru-gal said:

No idea but you'd have to be mad to pay £550k + for a 65 sq meter 2 bed flat!

People with available borrowed money will buy anything......it is not their money, they have never worked for it......a magic sum of numbers with some zeros attached just got deposited in an account for them to spend on bricks and mortar.......no skin off their nose.;) 

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1 hour ago, winkie said:

People with available borrowed money will buy anything......it is not their money, they have never worked for it......a magic sum of numbers with some zeros attached just got deposited in an account for them to spend on bricks and mortar.......no skin off their nose.;) 

...and yet signing my family into a debt that couldn't be paid off in under 5 years is the stuff of nightmares for me. where did I go so wrong?

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Not sure if anyone posted this already but FT has some serious property bear food today.  

Luxury London homes being sold in bulk as demand drops

- 10-15% discounts norm; 20-30 rare but possible

- individual sales mostly HTB; "only game in town" for outer London

- owner-occupiers can't afford; overseas money left; BTL no longer supported by tax

- 68k under construction units, almost half unsold

Comments are mostly good, could have been written by HPCers

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25 minutes ago, Bear Hug said:

Not sure if anyone posted this already but FT has some serious property bear food today.  

Luxury London homes being sold in bulk as demand drops

- 10-15% discounts norm; 20-30 rare but possible

- individual sales mostly HTB; "only game in town" for outer London

- owner-occupiers can't afford; overseas money left; BTL no longer supported by tax

- 68k under construction units, almost half unsold

Comments are mostly good, could have been written by HPCers

Pretty much what we've been saying for last 2 years.

 

Carney's eggs are coming home to roost.

 

Hope it all blows up before he leaves 

 

If property portfolio phil unleashes £750bn 'help' scheme I'm personally going to Scotland yard.

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Luxury developers getting desperate and realising they have to sell stock or go under at some point. Its been while but we are getting closer and further desperation is creeping in.

"new housing units under construction had reached a high of 68,000, with 46 per cent of those still unsold"

Someone on here was tracking prices from their peak in each London borough, can someone point me in the right direction please :-) 

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On 18/07/2018 at 23:11, TheCountOfNowhere said:

Pretty much what we've been saying for last 2 years.

 

Carney's eggs are coming home to roost.

 

Hope it all blows up before he leaves 

 

If property portfolio phil unleashes £750bn 'help' scheme I'm personally going to Scotland yard.

Liberal mouthpieces like The Economist are already calling for increased govt deficit funded spending to offset the next recession. This means rescuing their precious London house prices using the national debt, I feel is pretty clear.

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On 20/07/2018 at 10:09, Si1 said:

Liberal mouthpieces like The Economist are already calling for increased govt deficit funded spending to offset the next recession. This means rescuing their precious London house prices using the national debt, I feel is pretty clear.

That's what they've been doing for a decade!!!!

 

Collapse and civil unrest are inevitable now.

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The Knight Frank July 2018 Prime London report is out:

https://content.knightfrank.com/research/156/documents/en/prime-london-sales-index-july-2018-5735.pdf

Headline figures:

Prime London -1.9% 12 months, -0.8% 3 months, -0.2% 1 month

Prime Outer London -4.0% 12 months, -1.2% 3 months, -0.5% 1 month

 

Prime central London is defined in the index as covering: Aldgate & the City, Belgravia, Chelsea, Hyde Park, Islington, Kensington, Knightsbridge, Marylebone, Mayfair, Notting Hill, Riverside, South Kensington, St John’s Wood, Tower Bridge and Victoria.
Prime Outer London comprises Barnes, Battersea, Belsize Park, Canary Wharf, Chiswick, Clapham, Dulwich, Fulham, Hampstead, Queen’s Park, Richmond, Wandsworth, Wapping and Wimbledon.

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  • 429 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%



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