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Smiley George

Foreign Buyers Ignore London

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1 hour ago, Smiley George said:

Haven't seen anyone pick up this little gem from the BBC -  http://www.bbc.co.uk/news/business-40608995

More good news.

Some amazing stats in there

' The fall is most evident in London, where the proportion of overseas landlords has fallen from 26% to 11%.

The biggest fall in foreign ownership in London has been amongst Europeans. In 2010 they made up 39% of foreign investors, but they now account for 28%. '

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6 minutes ago, Sancho Panza said:

Some amazing stats in there

' The fall is most evident in London, where the proportion of overseas landlords has fallen from 26% to 11%.

The biggest fall in foreign ownership in London has been amongst Europeans. In 2010 they made up 39% of foreign investors, but they now account for 28%. '

I'm assuming that these numbers are one of the factors which have been impacting PCL and the drops there.

My worry is the foreign buyers which are still out there are now looking for value in the suburbs and continuing to support ridiculous asking prices I'm seeing on new properties coming to market in Zone 6.

 

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3 minutes ago, Smiley George said:

I'm assuming that these numbers are one of the factors which have been impacting PCL and the drops there.

My worry is the foreign buyers which are still out there are now looking for value in the suburbs and continuing to support ridiculous asking prices I'm seeing on new properties coming to market in Zone 6.

 

Yields across the country are low.Section 24 makes it almost impossible to make money if you're working on a 5% gross yield and you're not a cash buyer.

 

Yields in social housing etc are higher but the risk of non payment is too.

Edited by Sancho Panza

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Are Asian buyers completing their purchases?

Quote

 

They put down deposits usually £2000, to secure an apartment. And now I’m told they’re turning round to the builders and telling them to keep the cash, they’re no longer interested. If the developer wants the rest, it will have to sue them for it they will have to sue, typically in a Chinese court. 

This trend, which is sweeping the market, has highlighted one of the practices beloved of some of the sharper operators in the industry. We’ve grown used to boards going up saying “85% sold” when barely a single brick has been laid. Often, the block has been sold off-plan to investors in centres such as Hong Kong, Moscow, Mumbai or Shanghai. ES (Feb. 2016)

 

 

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1 hour ago, Smiley George said:

Haven't seen anyone pick up this little gem from the BBC -  http://www.bbc.co.uk/news/business-40608995

More good news.

Why is the headline never.

 

"CRIMINAL POLITICIANS WHO ARE UP TO THEIR NECKS IN PWOPATEE STILL ALLOWING FOREIGN INVESTORS TO BUY BRITISH HOUSES" 

 

?

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19 hours ago, rollover said:

Are Asian buyers completing their purchases?

 

£2k down surely that can't be right!

Though in my experience the Chinese do like to gamble. 

If a lot walk away I am unsure where the risk sits? The European banks I would guess?

Edited by Ash4781

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20 hours ago, Sancho Panza said:

Some amazing stats in there

' The fall is most evident in London, where the proportion of overseas landlords has fallen from 26% to 11%.

The biggest fall in foreign ownership in London has been amongst Europeans. In 2010 they made up 39% of foreign investors, but they now account for 28%. '

By Europeans they means Russians.

 

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Quote

 

Brexit has begun damaging London's economy

Research from the Centre for London found that the UK’s impending departure from the EU has caused a “wobble” in the capital’s economy. The think tank claimed Brexit is already leading to scores of Europeans not coming to the capital to work, has led to a decline in confidence among businesses and is decelerating house price growth. Year-on-year house price growth was under 3 per cent for the three months to April 2017, the lowest level in London since 2012, while increases in private rental values dropped below 2 per cent to their lowest rate since 2010. ES

 

Blame Brexit and Europeans immigrants not coming to London.

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When a property is bought by a foreign investor in essence it has been exported. When they sell it is imported. I believe there should be a 20% tax on both transactions.

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We can't win.

Pound goes down and foreign money pours in for bargains.

Pound goes up and foreign money stays on these shores.

Rents go down and foreign money just shrugs it's shoulders as it main purpose is to store itself in a country with a stronger rule of law.

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51 minutes ago, Grab_Some_Popcorn said:

When a property is bought by a foreign investor in essence it has been exported. When they sell it is imported. I believe there should be a 20% tax on both transactions.

100% agree with this, or at least some form of punitive taxation levied against foreign buyers.

Given the current political climate it would in theory be a hugely popular policy and show that the Tories are learning lessons from their botched attempt at an election!

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