Jump to content
House Price Crash Forum
@contradevian

Two Grand On Your Credit Card To Get £250K Docklands Flat

Recommended Posts

http://www.standard....me-9106071.html

First time buyers will be able be able to secure a £250,000 apartment "on a credit card" in a new Docklands development being launched this month.

They will need to put up just £2000 - or 0.8 per cent of the purchase price - to exchange on a flat in the £100 million Royal Gateway scheme in Canning Town.

But critics said it marked a return to the dangerous "easy credit" habits of the Nineties and early Noughties "bubble" before the banking crisis killed them off.

Purchasers will need to attend a three day launch "fair" at an east London hotel being presented by the developers as a rare opportunity "for ordinary Londoners wanting a first time home."

Buyers who can put up the £2000 will be directed to teams of "independent solicitors" to help them with the exchange paperwork at the event.

I guess a quite a few BTL's will also be at these fairs. We should be grateful they are being marketed at UK buyers at least.

Edited by aSecureTenant

Share this post


Link to post
Share on other sites

http://www.standard.co.uk/news/london/pay-two-grand-on-your-credit-card-to-get-a-250k-flat-in-new-docklands-development-scheme-9106071.html

I guess a quite a few BTL's will also be at these fairs. We should be greatful they are being marketed at UK buyers at least.

Basically a 100% mortgage + fig-leaf (a very small fig-leaf)...

Just out of curiosity, did you spot this on the Priced-out FB page?

Share this post


Link to post
Share on other sites

Just out of curiosity, did you spot this on the Priced-out FB page?

Yes I did, and came to check if it had been posted on here. ;)

Share this post


Link to post
Share on other sites

David Galman, sales director of Galliard Homes, said it was the first time the company had used such “top of the market” sales tactics on a large scale since 2006.

Share this post


Link to post
Share on other sites

But back in 2001/2 I lived a stones throw from where these apartments will be (E16) and you could pick up an apartment then in the Royal Docks/Galleons Reach/Canning Town area for £250k. There has really been very little 'growth' in HPI in that neck of the woods, despite this massive bubble. Must be the only place in the UK where supply/demand is more finely balanced.

Edited by aSecureTenant

Share this post


Link to post
Share on other sites

David Galman, sales director of Galliard Homes, said it was the first time the company had used such “top of the market” sales tactics on a large scale since 2006.

:lol:

What happened after that David?

Share this post


Link to post
Share on other sites

But back in 2001/2 I lived a stones throw from where these apartments will be (E16) and you could pick up an apartment then in the Royal Docks/Galleons Reach/Canning Town area for £250k. There has really been very little 'growth' in HPI in that neck of the woods, despite this massive bubble. Must be the only place in the UK where supply/demand is more finely balanced.

In which case this thing smells even fishier. I suspect that very few UK buyers will clear the financing hurdles set by the 'independent' team of solictors and that the audience they actually intend to sucker is Chinese.

Share this post


Link to post
Share on other sites

In which case this thing smells even fishier. I suspect that very few UK buyers will clear the financing hurdles set by the 'independent' team of solictors and that the audience they actually intend to sucker is Chinese.

Good luck pursuing 谁扔粪 through the courts if he decides not to bother paying his service charge or even his mortgage.

Share this post


Link to post
Share on other sites

Who can blame them. They know now, after the Brown Bailout and the Osbourne handout, both liebour and the CONs will cover their idiocy.

Its liblabcon we must blame for this crap. If it wasnt for them, spivs like Galman would be doing a del boy and never worrying anyone with a grain of sense, let alone every taxpayer and saver in the country.

Share this post


Link to post
Share on other sites

For a moment it looked like value might return to the market. Bad times, man, bad times...

For a moment there it looked like they might manage prices down to an affordable, yet high level, now they have manufactured a BIG crash!!!!!

Share this post


Link to post
Share on other sites

Good luck pursuing 谁扔粪 through the courts if he decides not to bother paying his service charge or even his mortgage.

That's what I thought - surely this is a "safe" investment for a Chinese person?

If it goes well, fine, if not, he just stops paying and the bank will never be able to get to him.

Share this post


Link to post
Share on other sites

Presumably it would not be the done thing to negotiate on price when getting the plastic out either. 2k @17% interest and make the minimum payment each month for ever, fantastic.

Share this post


Link to post
Share on other sites

David Galman, sales director of Galliard Homes, said it was the first time the company had used such “top of the market” sales tactics on a large scale since 2006.

The return to normal signals are coming thick and fast in 2014. Crashy, crashy. :DB)

Share this post


Link to post
Share on other sites

Presumably it would not be the done thing to negotiate on price when getting the plastic out either. 2k @17% interest and make the minimum payment each month for ever, fantastic.

Pitiful interest rates. Wonga should get involved. Pay day flats anyone?

Share this post


Link to post
Share on other sites

That's what I thought - surely this is a "safe" investment for a Chinese person?

If it goes well, fine, if not, he just stops paying and the bank will never be able to get to him.

There's a concerted effort to get the pai gow gamblers living over here in ever greater numbers. Naturally, Boris Johnson is at the heart of the treachery.

By Ashley Armstrong 12:00PM GMT 04 Feb 2014

The Government’s goal of making London a hub for Chinese investment received a further boost today after accountancy firm PwC signed an agreement with Chinese real estate developer ABP which will smoothe the path for Asian companies to relocate in the capital.

ABP is already working on a £1bn plan to transform London’s Royal Albert Docks into a European headquarters for hundreds of Chinese firms.

PwC announced on Tuesday a tie-up with ABP to create a one-stop-shop for services for Chinese businesses that want to relocate to the docklands development.

The agreement will see APB provide business premises, recruitment facilities and logistics while PwC will offer tax, accountancy and legal support to companies as part of a “corporate landing service”, which will be called First Stop London.

“First Stop London is being launched in response to the demand from companies in China,” ABP’s chairman Xu Weiping said.

“They are looking to expand and know that we have made the switch to the UK and so they have asked for our help and to draw upon our experience and with the connections we have in London, in Beijing, Shenyang and Qingdao and South Yangtze,” Mr Weiping added. Sir Tom Troubridge, chairman of PwC's China business group, said: “More and more Chinese firms are seeking a foothold in the UK and Europe. Our dedicated China team provides hands on, practical assistance to make it as pain-free as possible for Chinese companies to set up here and make inroads in the UK market."

The development is part of a multi-pronged strategy by the Government to welcome Chinese investment. The Government has already begun to relax visa rules for Chinese businessmen under an investor visa programme which requires at least £1m of funds to be brought into the UK.

Share this post


Link to post
Share on other sites

This is a great sign to me - insanity starting to peak. I give it another 24 months tops.

Share this post


Link to post
Share on other sites

PwC announced on Tuesday a tie-up with ABP to create a one-stop-shop for services for Chinese businesses that want to relocate to the docklands development

It would have been helpful if the article had detailed what sort of "Chinese businesses" are wanting to relocate to docklands (other than Chinese real estate developer ABP mentioned in the article - doesn't the UK have enough, a sufficiency, of that type of business already?).

For instance how much UK employment are they going to provide and what sort of employment will it be - apart from estate agent and conveyancing types of employment

How do they help the UK economy (apart from bringing in some Chinese money and pushing up property prices and hampering the UK economy some more).

In fact it doesn't sound as if they're really businesses at all rather than mainly individuals just looking to harbour their money. It certainly doesn't sound like much to do with any sort of rebalancing of the UK economy - that was promised at the last general election.

Edited by billybong

Share this post


Link to post
Share on other sites

"There is no bubble in London and if there were we have tools to deal with it" said a BoE spokesman.

Carney's getting squuezed between his master (Osborne) and the election and the obvious reality that he's talking cobblers (like his forward guidance cobblers)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   205 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.