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Evening Standard: London Housing Market Hit By Brexit

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Promising headline but as yet not much substance:

http://www.standard.co.uk/news/london/revealed-how-thousands-of-house-deals-collapsed-in-london-due-to-brexit-a3305526.html

Includes the harrowing tale of a couple forced to sell their 650,000 house for 1.5% below asking price - image the years of shame and embrassment at dinner parties that will cause. No mention of how much they bought the property for in the first place - I'm guessing they still made a healthy return on their original purchase. If that truly is the extent of the house price crash so far then we still have a long way to go. Still at least stories like this will hopefully start to shift sentiment.

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Promising headline but as yet not much substance:

http://www.standard.co.uk/news/london/revealed-how-thousands-of-house-deals-collapsed-in-london-due-to-brexit-a3305526.html

Includes the harrowing tale of a couple forced to sell their 650,000 house for 1.5% below asking price - image the years of shame and embrassment at dinner parties that will cause. No mention of how much they bought the property for in the first place - I'm guessing they still made a healthy return on their original purchase. If that truly is the extent of the house price crash so far then we still have a long way to go. Still at least stories like this will hopefully start to shift sentiment.

This bit is particularly encouraging....

Matthew Wright of the Marylebone and Mayfair branch of estate agents Winkworth said: ”There are definitely people more eager to sell than previously who have instructed us to take quite substantial discounts.

"The rule of thumb is that people are offering 10 per cent below, but we have had offers at 50 per cent below and plenty at 20 to 25 per cent.

Perhaps, soon, we will be able to resume making sensible cash offers, without vitriolic exchanges with the estate agents.

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Promising headline but as yet not much substance:

http://www.standard.co.uk/news/london/revealed-how-thousands-of-house-deals-collapsed-in-london-due-to-brexit-a3305526.html

Includes the harrowing tale of a couple forced to sell their 650,000 house for 1.5% below asking price - image the years of shame and embrassment at dinner parties that will cause. No mention of how much they bought the property for in the first place - I'm guessing they still made a healthy return on their original purchase. If that truly is the extent of the house price crash so far then we still have a long way to go. Still at least stories like this will hopefully start to shift sentiment.

You have to know what Forest Hill is like to realize how sad that a terraced house can cost £605K there. Imagine a first time buyer in London buying that house, who has with family in the US. THe FTB would tell their family " I earn 300K USD - look at the house bought!!!" And the Americans would assume that he meant 30K USD.

Edited by iamnumerate

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love this quote

Mr Speller said: “We weren’t worried about selling at all before the vote and we thought Brexit would only affect high end flats and luxury homes.

who would pay £650K and not expect a 'luxury home' - it really is another planet in that London

hopefully the rich Londoners will stop pushing up the price of 'outside London' with their mega-bucks in their pockets.

Why were they surprised that insurance to get back their 'wasted fees' did not cover 'Brexit' (which was probably classified under 'act of God' :) )

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Promising headline but as yet not much substance:

http://www.standard.co.uk/news/london/revealed-how-thousands-of-house-deals-collapsed-in-london-due-to-brexit-a3305526.html

Includes the harrowing tale of a couple forced to sell their 650,000 house for 1.5% below asking price - image the years of shame and embrassment at dinner parties that will cause. No mention of how much they bought the property for in the first place - I'm guessing they still made a healthy return on their original purchase. If that truly is the extent of the house price crash so far then we still have a long way to go. Still at least stories like this will hopefully start to shift sentiment.

..we have bad weather up here ...some say it's due to BREXIT..... :rolleyes:

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