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London Needs 54K Millionaires To Buy New Flats

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Interesting article form Paul Hodges...

http://www.icis.com/blogs/chemicals-and-the-economy/2015/02/54000-millionaires-needed-to-buy-new-london-apartments/

Nothing succeeds like excess’. That seems to be the motto of London property developers at the moment. According to researchers LonRes, developers are currently building or planning the staggering total of 54000 new luxury homes in central London.

These will all be offered at prices of £1m ($1.5m) and higher, according to the Financial Times. Yet just 3900 homes were sold in this price bracket in central London in 2014. So who is going to buy the vast supply of new homes?

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Im not sure I want to live in a place with 54,000 millionaires.

Besides, the only need to be postmen with a government backed 60% despoit sub prime liar loan :P

Edited by TheCountOfNowhere

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This is what I don't understand.

Surely the world will run out of millionaires at some point? Surely most of them already own a London flat by now?

Don't we just print new ones?

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Its about time these foreign investors got bored with London and decided they would rather own a place in New York or LA instead.

Im sure a Labour coalition with the SNP should help them see sense.

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  • 406 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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