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Londoners Priced Out Of Housing Blame Foreigners: Real Estate

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http://www.bloomberg.com/news/2014-04-02/londoners-priced-out-of-housing-blame-foreigners-real-estate.html

Cheryl Coyne shouted, “No more homes for millionaires!” with protesters dressed as pirates outside London City Hall this week. Inside, Mayor Boris Johnson was approving a plan by Hong Kong’s Hutchison Whampoa Ltd. to build as many as 3,500 homes close to where she lives.

“These are the kind of homes that local people will never be able to afford,” said Coyne, a 63-year-old semi-retired schoolteacher who wore a striped shirt and a skull and crossbones neck scarf. “There are thousands of people in the borough who need homes, and instead they’re building flats for multimillionaires.”

The U.K. capital’s status as a magnet for wealthy foreign home buyers is helping to drive prices in many areas beyond the reach of most Londoners. That’s putting pressure on politicians and developers to convince locals that they haven’t been forgotten in the rush to court overseas investors.

London heading to be a foreign only capital? With the local prole workers commuting in to serve the wealthy?

To be honest love millionaires are the ones with money and the ability to buy in London. You are a teacher and don't earn enough. Simples.

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Meanwhile this enterprising social tenant is offering his one bed flat as holiday let for three weeks in August for £65 per night.

http://www.bedandbre...stvauxhall.com/

There is a basic lack of morality both ends of the scale.

Edited by aSecureTenant

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"Don't build anything nice and desirable, build cheap and nasty so the area stays crap forever."

That's not a position I can get behind unfortunately. If foreign millionaires want to buy nice new flats London should take advantage of the opportunity to build some decent housing infrastructure. The buildings will be there a lot longer than gre millionaires.

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"Don't build anything nice and desirable, build cheap and nasty so the area stays crap forever."

That's not a position I can get behind unfortunately. If foreign millionaires want to buy nice new flats London should take advantage of the opportunity to build some decent housing infrastructure. The buildings will be there a lot longer than gre millionaires.

Exactly my thoughts.

The millionaire London thing won't last forever, so it's best to get in as many mugs to finance redevelopment before they all move on.

Reminds me of the Simpsons episode where the New York Times travel section calls Springfield “America’s coolest city”. The official designation means that Springfield can no longer be truly cool, and the hipsters flee town.

In London's case i will be when the banksters flee town - that will either be when the pound collapses or the EU impose laws on it.

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"Don't build anything nice and desirable, build cheap and nasty so the area stays crap forever."

That's not a position I can get behind unfortunately. If foreign millionaires want to buy nice new flats London should take advantage of the opportunity to build some decent housing infrastructure. The buildings will be there a lot longer than gre millionaires.

When the building of high-end housing in London doesn't provide any benefit to the current residents of the area, and they have to take the burden of dealing with more congestion and the mess that construction brings, why should they support it?

It would be one thing if local residents were moving up from current poor quality housing into the new construction. Building high-end properties would be a win-win situation. It would free up where the new buyers had lived before and everyone would benefit. But if it's overseas owners holding the new housing in an under-occupied state, just so that they can launder money from overseas, there is no social benefit. New supply isn't matching current demand, and the market response fails. Current prices in London are completely a function of government policy -- planning regulations, preferential tax treatment for BTL and overseas money launderers, landlord subsidies, QE, etc. Given that the current state of housing is completely artificial, it's more than appropriate for local citizens to demand that government policies work in their favour.

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Given that the current state of housing is completely artificial, it's more than appropriate for local citizens to demand that government policies work in their favour.

+1

That hasn't happened in a long time. The country is currently under enemy occupation. The enemy within being 'LabourTory'

The UK Government with its current crop of self serving 'professional politicians' who in many cases have inherited their positions should be regarded as an enemy of the people.

Then again it could all be part of some cunning plan.Its a bit like the railways/canal bubble in the 19th century. But at least we ended up with canals and railways.

Edited by aSecureTenant

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That hasn't happened in a long time. The country is currently under enemy occupation. The enemy within being 'LabourTory'

The UK Government with its current crop of self serving 'professional politicians' who in many cases have inherited their positions should be regarded as an enemy of the people.

I just moved back into London a few months ago after living in Oxfordshire, and it really is bizarre just how much of a bubble the political elite of this country live in. I live in a nice neighbourhood in southwest London. Right now, there's a Range Rover parked in front of my house, there's a Ferrari parked across the street, and a Maserati is parked down 5 cars down the block. There's also several older vans, but those belong to the Polish builders that are working on the houses with new basements being dug out. There's also quite a few senior politicians around here. Danny Alexander was in front of me in line at the Waitrose last week. The head of the **** Office lives around the corner.

The average house around here goes for about £2 million, up about 30% from a couple of years ago. All of this money is coming directly out of the pockets of the average person living in the UK and being sucked up by the select few. QE had driven down real wages for the average worker by more than 10%. That money has gone directly into the pockets of owners in central London.

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I just moved back into London a few months ago after living in Oxfordshire, and it really is bizarre just how much of a bubble the political elite of this country live in. I live in a nice neighbourhood in southwest London. Right now, there's a Range Rover parked in front of my house, there's a Ferrari parked across the street, and a Maserati is parked down 5 cars down the block. There's also several older vans, but those belong to the Polish builders that are working on the houses with new basements being dug out. There's also quite a few senior politicians around here. Danny Alexander was in front of me in line at the Waitrose last week. The head of the **** Office lives around the corner.

The average house around here goes for about £2 million, up about 30% from a couple of years ago. All of this money is coming directly out of the pockets of the average person living in the UK and being sucked up by the select few. QE had driven down real wages for the average worker by more than 10%. That money has gone directly into the pockets of owners in central London.

The urge to chin the ginger tosser must have been considerable.

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http://www.bloomberg.com/news/2014-04-02/londoners-priced-out-of-housing-blame-foreigners-real-estate.html

London heading to be a foreign only capital? With the local prole workers commuting in to serve the wealthy?

To be honest love millionaires are the ones with money and the ability to buy in London. You are a teacher and don't earn enough. Simples.

It already is.

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