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TheCountOfNowhere

Hong Kong's Different, Surely ?

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Honk King must be different, surely, shortage of Land, Rich area, low taxes etc etc etc etc.

Saw this on twitter today

https://pbs.twimg.com/media/CZ4KEFMWQAAVRvm.png

Hong Kong home prices sank most since July 2013 last week, now down 10% since Sept record, according to Centaline

CaGBGwwUsAA870E.jpg

Looking at northants asking prices today, even a 10% drop in asking prices now would leaving them 10% above 2007, which were 50% too high.

It is beyond crazy now.

Edited by TheCountOfNowhere

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I already posted that in China thread

I stole it off you. :P

It's always nice for the casual browser to see what can happen quite quickly !!!

I just hope lots of young people aren't buying into the property bubble now, the 40 somethings with tonnes of equity, they can afford to loose it all and the BTLers, well **** them, they deserve to loose it all, but someone's got to warn the young people what's going on !!!

Anyone seeing some of the info from the last couple of months will hopefully stop and think for a minute.

Edited by TheCountOfNowhere

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We'll all pay for this...not just them.

No doubt. But we're here on this forum because we know what needs to happen and are waiting. We're of a different mind. The hardest lesson will be for those who don't see what's happening until it's too late..... Assuming they don't get bailed out, of course.....

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Looking at northants asking prices today, even a 10% drop in asking prices now would leaving them 10% above 2007, which were 50% too high.

Who's buying in Northampton? And where? The town is densely populated with eastern Europeans. Must be the villages that are seeing rises, and home owners buying off each other?

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Who's buying in Northampton? And where? The town is densely populated with eastern Europeans. Must be the villages that are seeing rises, and home owners buying off each other?

Well, when I last spoke to an estate agent there, about Sept, he told me agents were over valuing places by £150-£200K but people coming out of London, or in chains supported by HTB were buying at these prices !!! He used the phrases "we cant believe whats going on" and "it will collapse soon".

He was an older agent and I guess he'd seen it twice before.

We basically gave up and got out of there at that point. It's not worth even considering now as a cash buyer. Money, at present, has no worth whatsoever. If this continues I'm going going to start buying more gold.

Who is/was buying ? From what I saw it was some BTLers going round buying up the town !!! The town center was basically awash with SOLD signs...everywhere else, not so much, just those randomly placed signs to make it all look like it's booming. The boom did seem to peter out after the election but the asking prices being listed now on rightmove are laughable.....are peopple buying now...only time will tell.

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I wonder if Hong Kong has its own version of this site where people are waiting for prices to return to 'affordable' levels...

Not sure who are buying them all. Although I heard recently from a few different people in Basingstoke where I work that people are not getting what they want for their property now and it's turned a corner.

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I went on holiday to Hong Kong over Christmas. I'll admit I couldn't resist the urge to do a bit of local EA window shopping when I was there and the prices are on par with London when you took the exchange rate into consideration.

I also noted a fair few miserable looking property touts on the streets of Central and Kowloon desperately trying to hand out brochures for new build apartments to disinterested pedestrians. I took sympathy on one and took a brochure for a tiny 1 bed new build apartment in Kowloon. It was being flogged for about 400k but it had a harbour view so obviously worth it!

Apparently according to my mate who I visited while I was there the increased stamp duty for foreigners has made zero difference to curbing demand as the majority are mainlanders who just cough up without issue.

Property prices aside Hong Kong was such a fantastic place. It's so safe, tidy, orderly with zero anti social behavior / attitude and excellent cheap public transport. I generally detest busy cities but I would happily live in Hong Kong if given the chance.

Arriving back in the UK and traveling home through London was a depressing affair to put it mildly.

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Good grief. What a shit hole.

Almost half a million quid for that......wonder what they paid for it RTB, have seen worse, ex three bed semi local authority council home close to £600,000....they should keep hold of it for next year they will be millionaires. ;)

Edited by winkie

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I hope this is finally it. I've had enough of the depressing listings like this:

http://www.rightmove.co.uk/property-for-sale/property-57666554.html;jsessionid=E72AAD86B8A294747CD80CBA1BC8B216

100K(20-30%) per year of rises.

:lol::lol::lol: Depressing?.....They do say laughter is the best cure for depression don`t they? Try 189k and it might be a goer, but no doubt some poor brainwashed c*unt will try their damdest to pay over the odds for it, that is what we do best in Britain it seems.

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