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Battersea Power Station Home Prices ‘Defying All Logic’

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http://www.theguardian.com/business/2014/nov/28/battersea-power-station-home-prices-defying--logic

New house price data released on Friday seemed to suggest that sanity was returning to the market – but there was little sign of that at one London development, where a studio flat in Battersea power station that sold for close to £1m in the spring is about to go back on the market with a price tag of up to £1.5m. And it has not even been built yet.

The flat is one of 254 luxury apartments that were launched off-plan in May at a lavish marquee party where prospective buyers were serenaded by Elton John. Prices for studios started from £800,000, while one-bed flats cost £1m or more and four-bed homes carried price tags of £4m or more. Construction has not yet started and they are due to be completed in late 2018.

Henry Wiltshire, an upmarket estate agent that is setting up an office in nearby Vauxhall, is close to being appointed to handle the resale of the studio apartment on the fifth floor of the power station. Kyle Spence, the firm’s sales director, said the vendor was “someone we met at Cityscape [a property conference] in Dubai,” who hopes to resell the apartment for between £1.4m and £1.5m.

Impressive flipping especially as the flat doesn't even exist! A nice easy profit for nothing.

“Until then I had no idea you could get rich without working.” Marx

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That reminds me of the market in tulip variety futures that sprung up during the tulip mania bubble - the rights to hybridised tulip bulbs that hadn't been bred yet exchanged hands for very large sums of money

Edited by Si1

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http://www.theguardian.com/business/2014/nov/28/battersea-power-station-home-prices-defying--logic

Impressive flipping especially as the flat doesn't even exist! A nice easy profit for nothing.

“Until then I had no idea you could get rich without working.” Marx

Except that there is no profit. The owner is going to list the property with an asking price of £1.5 million. Good luck with that. In the real world, they've already lost $100,000 due to the fall of the pound versus the dollar.

With the fall of the oil price reversing the flow of money from the Middle East and Russia to London, the party is over for high-end London prices.

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  • 407 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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