eric pebble Posted October 21, 2014 Share Posted October 21, 2014 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 Quote Link to comment Share on other sites More sharing options...
Corruption Posted October 21, 2014 Share Posted October 21, 2014 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 21, 2014 Share Posted October 21, 2014 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. Quote Link to comment Share on other sites More sharing options...
Cozza Posted October 21, 2014 Share Posted October 21, 2014 Presented without comment. Screen grab from said Telegraph article. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted October 21, 2014 Share Posted October 21, 2014 I wonder if this will be in the hard edition tomorrow Make a few boomers cough over their filter coffee Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted October 21, 2014 Share Posted October 21, 2014 I wonder if this will be in the hard edition tomorrow Make a few boomers cough over their filter coffee Page 56 - underneath the adverts for giant fluffy slippers. Quote Link to comment Share on other sites More sharing options...
Bubble & Squeak Posted October 21, 2014 Share Posted October 21, 2014 if these falls are due to the mansion tax will they be buying cheaper properties thereby pushing up those prices? Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted October 21, 2014 Share Posted October 21, 2014 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. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted October 21, 2014 Share Posted October 21, 2014 (edited) 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 October 21, 2014 by oldsport Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted October 21, 2014 Share Posted October 21, 2014 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. Quote Link to comment Share on other sites More sharing options...
shindigger Posted October 21, 2014 Share Posted October 21, 2014 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. Quote Link to comment Share on other sites More sharing options...
FallingAwake Posted October 21, 2014 Share Posted October 21, 2014 That's ok then. If they keep falling, they'll soon be outside the Mansion Tax bracket. Quote Link to comment Share on other sites More sharing options...
tboy Posted October 21, 2014 Share Posted October 21, 2014 Garbage article. £2-5mm range is NOT down 27% in the 3rd quarter. Quote Link to comment Share on other sites More sharing options...
chronyx Posted October 21, 2014 Share Posted October 21, 2014 Presented without comment. Screen grab from said Telegraph article. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 21, 2014 Share Posted October 21, 2014 Especially funny when many of these contradictory pieces are written by the same person. Quote Link to comment Share on other sites More sharing options...
cuddlybear Posted October 21, 2014 Share Posted October 21, 2014 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? Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted October 22, 2014 Share Posted October 22, 2014 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. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 22, 2014 Share Posted October 22, 2014 Send a link to this story to everyone you know. It's different in London....It's worse. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 22, 2014 Share Posted October 22, 2014 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 ? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 22, 2014 Share Posted October 22, 2014 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. Quote Link to comment Share on other sites More sharing options...
R K Posted October 22, 2014 Share Posted October 22, 2014 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. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted October 22, 2014 Share Posted October 22, 2014 Apparently David Cameron called them directly and asked them to pull the article as it was spooking the market. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted October 22, 2014 Share Posted October 22, 2014 @stacyherbert: If ur laundering money, you don't mind getting 40 cents on dollar. Watch out below London luxury property market http://t.co/EgqeLXAmuf. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted October 22, 2014 Share Posted October 22, 2014 Can anyone get a cached version of the article for full reference. I have tried google to no avail, it would be great to get the full text + comments stored somewhere for reference. Quote Link to comment Share on other sites More sharing options...
bankstersparadise Posted October 22, 2014 Share Posted October 22, 2014 if these falls are due to the mansion tax will they be buying cheaper properties thereby pushing up those prices? Yeah this is my thesis. Quote Link to comment Share on other sites More sharing options...
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