It’s no longer just London: now Britain is encircled by the property sharks

[tomandlu]

It’s no longer just London: now Britain is encircled by the property sharks
 

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A single generation transformed London into a capital where no person with normal resources could hope to own a modest home. It transformed London into a city where young people couldn’t start their careers, unless they had parents who could help them out. It transformed London into a place where every flat was in a block of “luxury apartments”, its price arranged in some weird dimension that had absolutely no connection to the wages paid at the coffee shop on the ground floor.

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An investigation by the Times has found that “foreign investors are buying up chunks of new housing across Britain, making it even harder for young people to purchase their first home”. It found “93% of flats in one of Manchester’s biggest housing developments have been bought by foreign residents or companies registered overseas. Only 17 of the 282 flats were bought by British residents and only two are being lived in by UK owners.”

The Guardian 'pick' of the comments (presumably after the moderator picked his jaw back up from the floor) is the following wonderful bit of self-entitlement:

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I have been luckily enough to work hard and purchase 3 houses in Bristol. Any move that changed the law and destabilised house prices would be disastrous for me and I would oppose it vehemently. I have no pension as have chosen property to be my retirement income as have many of my friends. If you do something to effect property prices many of us will have a miserable retirement.

(apols if already posted - feel free to merge)

Edited April 8, 2017 by tomandlu

[Tempus]

Not even worth getting outraged any more. As always, money talks and this government will do nothing to stop it.

[winkie]

People get rich from other people's money debt.

[Tulip_mania]

If it's mostly restricted to new build and the property is actually let out then it's not too much of a problem. There are a lot of rich people in China/Russia who want to get their money out of reach of their own government for both legitimate and nefarious reasons. Though buying new build flats in Northern Cities is a easy way to lose 20% overnight as they depreciate like cars, but better than having the lot seized when you fall out with Putin or the 'Communists'.

[spyguy]

1 hour ago, tomandlu said:

 

'I have been luckily enough to work hard and purchase 3 houses in Bristol. Any move that changed the law and destabilised house prices would be disastrous for me and I would oppose it vehemently. I have no pension as have chosen property to be my retirement income as have many of my friends. If you do something to effect property prices many of us will have a miserable retirement. '

 

If theyve bought then it does not matter if prices go up or down.

If they have not bought i.e. they have a repayment mortgage on the houses then they have not ;wroked hard' and bought houses.

If they have 'bought' with IO BTL than they are fcking morons and deserve to be burnt.

When did it ever make sense to 'own' property as a pension source?

Fcktards.

 

[interestrateripoff]

19 minutes ago, Tulip_mania said:

If it's mostly restricted to new build and the property is actually let out then it's not too much of a problem. There are a lot of rich people in China/Russia who want to get their money out of reach of their own government for both legitimate and nefarious reasons. Though buying new build flats in Northern Cities is a easy way to lose 20% overnight as they depreciate like cars, but better than having the lot seized when you fall out with Putin or the 'Communists'.

If the money has been gained illegally a 50% loss isn't going to worry them as opposed to the lot.

 

Edited April 8, 2017 by interestrateripoff

[interestrateripoff]

19 minutes ago, spyguy said:

'I have been luckily enough to work hard and purchase 3 houses in Bristol. Any move that changed the law and destabilised house prices would be disastrous for me and I would oppose it vehemently. I have no pension as have chosen property to be my retirement income as have many of my friends. If you do something to effect property prices many of us will have a miserable retirement. '

 

If theyve bought then it does not matter if prices go up or down.

If they have not bought i.e. they have a repayment mortgage on the houses then they have not ;wroked hard' and bought houses.

If they have 'bought' with IO BTL than they are fcking morons and deserve to be burnt.

When did it ever make sense to 'own' property as a pension source?

Fcktards.

 

Its amazing how people dont understand investing. You win you lose. If he has bought he might get out with a profit and win thats timing. Stick and you may lose money.

So the government should prop this asset class up because idiot's have gambled the lot on house prices!

[nome]

http://www.dailymail.co.uk/news/article-4389608/Only-two-flats-occupied-Brits-massive-development.html

[Tempus]

12 minutes ago, nome said:

http://www.dailymail.co.uk/news/article-4389608/Only-two-flats-occupied-Brits-massive-development.html

Good comment: "They are not 'crowding' out the British market. Brits can't afford them so they are by default not in the market. This is just a huge money laundering scam that must be stopped now"
 

Yup, it's a scam and Britain is happy to launder the money. Downright happy to do it. 

[Patient London FTB]

5 hours ago, Tulip_mania said:

If it's mostly restricted to new build and the property is actually let out then it's not too much of a problem. There are a lot of rich people in China/Russia who want to get their money out of reach of their own government for both legitimate and nefarious reasons. Though buying new build flats in Northern Cities is a easy way to lose 20% overnight as they depreciate like cars, but better than having the lot seized when you fall out with Putin or the 'Communists'.

Agree that it's far better if these flats are let out than empty, but we need a big empty property tax introduced to enforce that

[winkie]

9 hours ago, Patient London FTB said:

Agree that it's far better if these flats are let out than empty, but we need a big empty property tax introduced to enforce that

Other countries do tax empty property of non residents, places where there is no shortage of property to buy or rent affordable to a working persons wages in the area where they work.