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Telegraph: High-End London House Prices Being Slashed: Properties In Prime Central London Down 20Pc In Value

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Telegraph: High-end London house prices being slashed:

Properties in prime central London down 20pc in value.

Luxury homes in prime central London, worth between £1m and £2m have seen a drop in price of 20pc over the last year, as with buyers deterred by the talk of Mansion Tax and the impending general election.

New data from high end estate agent, Strutt & Parker, has shown that those properties in the £2m to £5m bracket, therefore over the £2m Mansion Tax threshold, fell by 27pc for the third quarter of this year compared to July to September in 2013, as the market dramatically corrects.

Exclusive homes worth more than £5m in prime central London - defined as Knightsbridge, Belgravia, Chelsea, South Kensington, Fulham, West Chelsea, Kensington and Notting Hill - performed slightly better with a decline of 15.2pc. This shows that super high networth individuals are less concerned about talk from Labour and the Liberal Democrats of a new tax on wealthy householders.

A similar pattern emerged in terms of volume sales, which were down 26.8pc overall, with all price bands seeing a reduction in the number of transactions.

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11177312/High-end-London-house-prices-being-slashed.html

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So its because of the Mansion Tax, nothing to do with them being vastly overpriced and the fact they're asking far too much for them.

I bet they still sell for last years ridiculous prices.

Good to see volumes falling by that amount though, be good to see some estate agents go out of business.

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If you buy it to live in over longer-term what does it matter, markets even out over many years, the value is the home it provides and the location.....if you buy it like you would a stock or share, not so savvy...stuck holding an illiquid falling asset with added costs attached to it. ;)

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This election is the catalyst we have been waiting for. A Tory-ukip coalition will scare off foreign investors. Mansion tax Labour will also scare them off. The crash is coming, and you can smell the fear already. Those of us who have been destroyed by the system, will have no sympathy.

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FreeTrader has pointed out on the "Is Prime London Crashing" thread that this Telegraph story is total ******** based on the journo misunderstanding the figures in the original report. The falls she seems to be referring to are falls in the total value of properties sold in these price bands rather than their prices.

Edited by oldsport

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I wonder if this will be in the hard edition tomorrow

Make a few boomers cough over their filter coffee

I prefer to slip a stiff pink one in front of a Boomer whilst they're having their morning coffee.

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Page 56 - underneath the adverts for giant fluffy slippers.

Just to the left of the elasticated action slacks and money belt.

A pox on them.

I'll be wearing a sex pistols onsie when i'm their age.

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I wonder if this will be in the hard edition tomorrow

Make a few boomers cough over their filter coffee

Ah but shouldn't we conclude (in line with your comment on the Foxtons share price) that this sort of thing reaching the public consciousness actually means that the correction is over?

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Not the same. Something external would have to happen to see end of correction eg SuperHTB.

Shares will jump bcos the shorts are all in. Easy to shaft them.

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Telegraph: High-end London house prices being slashed:

Properties in prime central London down 20pc in value.

Luxury homes in prime central London, worth between £1m and £2m have seen a drop in price of 20pc over the last year, as with buyers deterred by the talk of Mansion Tax and the impending general election.

New data from high end estate agent, Strutt & Parker, has shown that those properties in the £2m to £5m bracket, therefore over the £2m Mansion Tax threshold, fell by 27pc for the third quarter of this year compared to July to September in 2013, as the market dramatically corrects.

Exclusive homes worth more than £5m in prime central London - defined as Knightsbridge, Belgravia, Chelsea, South Kensington, Fulham, West Chelsea, Kensington and Notting Hill - performed slightly better with a decline of 15.2pc. This shows that super high networth individuals are less concerned about talk from Labour and the Liberal Democrats of a new tax on wealthy householders.

A similar pattern emerged in terms of volume sales, which were down 26.8pc overall, with all price bands seeing a reduction in the number of transactions.

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11177312/High-end-London-house-prices-being-slashed.html

The main headline reads:

"

High-end London sales drop 20pc"

Which is different from "prices drop 20pc".

Which is it ?

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Telegraph: High-end London house prices being slashed:

Properties in prime central London down 20pc in value.

Luxury homes in prime central London, worth between £1m and £2m have seen a drop in price of 20pc over the last year, as with buyers deterred by the talk of Mansion Tax and the impending general election.

New data from high end estate agent, Strutt & Parker, has shown that those properties in the £2m to £5m bracket, therefore over the £2m Mansion Tax threshold, fell by 27pc for the third quarter of this year compared to July to September in 2013, as the market dramatically corrects.

Exclusive homes worth more than £5m in prime central London - defined as Knightsbridge, Belgravia, Chelsea, South Kensington, Fulham, West Chelsea, Kensington and Notting Hill - performed slightly better with a decline of 15.2pc. This shows that super high networth individuals are less concerned about talk from Labour and the Liberal Democrats of a new tax on wealthy householders.

A similar pattern emerged in terms of volume sales, which were down 26.8pc overall, with all price bands seeing a reduction in the number of transactions.

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11177312/High-end-London-house-prices-being-slashed.html

Seriously...have they re-written that article ?

I dont see the text " seen a drop in price of 20pc over the last year, " anywhere.

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So its because of the Mansion Tax, nothing to do with them being vastly overpriced and the fact they're asking far too much for them.

I bet they still sell for last years ridiculous prices.

Good to see volumes falling by that amount though, be good to see some estate agents go out of business.

This.

Pre-election Toryraph anti-mansion tax propaganda.

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