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anonlymouse

Evening Standard; Brexit Slump Hits London Luxury Homes

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So several million people are going to be going home tonight walking past this headline:

1 hour ago, untakenname said:

Nice headline in the Evening standard.

vG6XTH6R.jpg-

 

"The asking price of a “wonderful” central London mansion has been halved to £4 million in one of the starkest examples of the dramatic slump at the top end of the property market.

Details of the huge discount come as research commissioned by the Evening Standard reveals that average values in some of London’s most exclusive neighbourhoods have fallen by more than £400,000 over the past year."

Yesterday the RICS report was buried in a mention in the business pages, so never thought I'd see them run a negative HPI story. Happy days!

 

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Didn't it sell not long before for £5m and then went on the market for £8m? Perhaps suggests it was on for far too much to begin with. Price cuts are somewhat meaningless if it is a price cut from ridiculous to slightly less ridiculous price (even at the peak). What is perhaps more significant is it appears the owner will sell for a loss now (though the owner is some off shore company so who knows the reason they want to sell).

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Love the way it's implicitly factualised as being due to brexit. No arguments. Just is. Nothing to do with an insane bubble finding a pin.

Edited by Si1

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It's not low enough to temp the foolishness into coming out of hiding. When I thought about it, all those people bought luxury flats when the value of sterling was high, now they are land locked by the currency devaluation, and price fluctuations ?

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28 minutes ago, BearlyBegun said:

It really does seem to be snowballing on the mainstream media front at the moment

Yes its in the media a lot, but if i saw 8 million house now costs 4 million, it would make absolutely no difference to me ...just tells me it was over priced in the first place or somemug Russian paid over the odds.

If i saw house that sold for 400k recently now advertised for 200k then i'd be happy.

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2 minutes ago, Si1 said:

Love the way it's implicitly factualised as being due to brexit. No arguments. Just is. Nothing to do with an insane bubble finding a pin.

Its just Gidiot playing with his new toy to his anti Brexit London crowd, trying to be popular.

Truth is its down to him blowing up the property bubble as to why its seemingly deflating in London.

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2 minutes ago, Habitationi Bulla said:

Its just Gidiot playing with his new toy to his anti Brexit London crowd, trying to be popular.

Truth is its down to him blowing up the property bubble as to why its seemingly deflating in London.

I forgot about him. Do Londoners basically take anything from the Standard as likely Osborne-biased, is it widely considered?

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6 minutes ago, Si1 said:

I forgot about him. Do Londoners basically take anything from the Standard as likely Osborne-biased, is it widely considered?

Who knows i'd sooner go to prison than London, and most indigenous Londoners agree with me though they'd sooner move to Essex.

Think the Standard is free now so its akin to Metro, so doubt people pay too much attention.

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I notice it's "Mansion at Half Price," I'd been wondering who'll be first to go over 50% on their Zoopla reduction. There seems to be a tacit agreement not to go there for now.

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8 hours ago, Si1 said:

Love the way it's implicitly factualised as being due to brexit. No arguments. Just is

Yes, I don't get this either. 

I don't have any personal experiences of any members of the great unwashed general British public ever mentioning to me that Brexit was a reason not to buy property.

It simply has not rated a mention. Stratospheric prices, yes. Potential interest rate rises, yes. BTP taxes, yes. Possibly losing one's job, yes.

Brexit ? NO. 

And on the subject of wealthy, money laundering buyers, I was in Moscow late last year and the local press was salivating at the prospect of Brexit, since it mean't that wealthy Russians could buy London property and avoid what they expected to be ever more intrusive and onerous EU beneficial ownership and money tracking checks. So Brexit was considered a reason TO invest in British property rather than the reverse. 

I am genuinely mystified at the sentiment stated in the article. Perhaps I'm out of touch ? 

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12 hours ago, Richmond said:

Didn't it sell not long before for £5m and then went on the market for £8m? Perhaps suggests it was on for far too much to begin with. Price cuts are somewhat meaningless if it is a price cut from ridiculous to slightly less ridiculous price (even at the peak). What is perhaps more significant is it appears the owner will sell for a loss now (though the owner is some off shore company so who knows the reason they want to sell).

Article says it was bought for £1.2m in 2009, owner spent £500k doing it up and sold it for £5m. Well done to them and tough on the buyer who paid more than they should have.

So now it's on for £4m, which is still more than 100% of the price from 2009!

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3 hours ago, Society of fools said:

I don't have any personal experiences of any members of the great unwashed general British public ever mentioning to me that Brexit was a reason not to buy property.

[...] Possibly losing one's job, yes.

Early last year we were looking at ways to streamline/rightsize/smartshore (choose your euphemism.) It was clear we would have to do something as our margins well below our competitors and other business reasons, but the CEO told me we could probably hold things more or less together provided no Brexit, which he already was lobbying hard against in central government. After June though it was full on and so far we have sacked over 1000 with more to come. It's not as black and white as saying Brexit  = job loss, but there are people not employed with us today who otherwise would have stayed. To my mind losing job or just the fear of it is the number one reason for the average person not to commit to something as substantial as house purchase, I mean why would you.

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4 hours ago, Society of fools said:

And on the subject of wealthy, money laundering buyers, I was in Moscow late last year and the local press was salivating at the prospect of Brexit, since it mean't that wealthy Russians could buy London property and avoid what they expected to be ever more intrusive and onerous EU beneficial ownership and money tracking checks. So Brexit was considered a reason TO invest in British property rather than the reverse. 

Yes SoF - this is what I fear most Brexiteers have missed. There has to be a greed based reason we have people like Rees-Mogg, Davies, Boris, Redmond et al wanting the eyes of EU regulation destroyed.

Yeah, Brexit - lets fill the boots of the .1%. Feck the peasants <again>,

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5 hours ago, Society of fools said:

And on the subject of wealthy, money laundering buyers, I was in Moscow late last year and the local press was salivating at the prospect of Brexit, since it mean't that wealthy Russians could buy London property and avoid what they expected to be ever more intrusive and onerous EU beneficial ownership and money tracking checks. So Brexit was considered a reason TO invest in British property rather than the reverse. 

I am genuinely mystified at the sentiment stated in the article. Perhaps I'm out of touch ? 

The UK is bringing in its own beneficial ownership register for foreign legal entities that own property, so the money-laundering free-for-all looks like it's coming to an end.

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53 minutes ago, jonb2 said:

Yes SoF - this is what I fear most Brexiteers have missed. There has to be a greed based reason we have people like Rees-Mogg, Davies, Boris, Redmond et al wanting the eyes of EU regulation destroyed.

Yeah, Brexit - lets fill the boots of the .1%. Feck the peasants <again>,

The big banks cannot support remain and then once they loose be happy with brexit.

Brexit may turn out to be many things but it certainly was not what the "status quo" or big business desired.

No big business or elitist would ever want to turn off a tap of cheap labour.

You cannot have it both ways Brexit terrible for investment and banking we are all doomed......then brexit is for the rich and big companies etc.

The logic of less low skilled immigration = higher wages is sound.  

 

 

Edited by Fromage Frais

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17 hours ago, anonlymouse said:

So several million people are going to be going home tonight walking past this headline:

"The asking price of a “wonderful” central London mansion has been halved to £4 million in one of the starkest examples of the dramatic slump at the top end of the property market.

Details of the huge discount come as research commissioned by the Evening Standard reveals that average values in some of London’s most exclusive neighbourhoods have fallen by more than £400,000 over the past year."

Yesterday the RICS report was buried in a mention in the business pages, so never thought I'd see them run a negative HPI story. Happy days!

 

What a wonderful, wonderful sight.  I hope that makes the greedy F£cks who have pushed up "prices" with their greedy speculation roast in hell.  They need to really learn the hard way.

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32 minutes ago, Fromage Frais said:

he big banks cannot support remain and then once they loose be happy with brexit.

Brexit may turn out to be many things but it certainly was not what the "status quo" or big business desired.

No big business or elitist would ever want to turn off a tap of cheap labour.

You cannot have it both ways Brexit terrible for investment and banking we are all doomed......then brexit is for the rich and big companies etc

FF - I don't want it both ways. My sole nterest is that of the wellbeing of the UK.

I simply don't believe this government will do anything other than help their rich sponsors. There are other rich and there are more ways to skin a cat. The Russian comment is one you did not take into account in your reply.

The last few governments:

1) They have never imposed any serious corporate fines or taxes.

2) They have supported HPI

3) They have not got a program to increase the quality of jobs and therefore salaries - makes not a jot of difference to who does the jobs now - they will be on a declining wage.

4) The Brexit leaders are opportunists with vested interests - therefore none of them have OUR concerns

5) They have no vision and are either pursuing their own agendas or are thick.

6) The majority of Tories have property interests

 

My concern with leaving the EU is purely economic. Being more insular means our exports and credibility (connected) drop hugely. Making the country much poorer.

Read my posts in the Brexit thread where I maintain the EU is the best trading block for us to be aligned with - but I say it is far, far from perfect.

Edited by jonb2

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I dont think this is the big one yet as the rates are too low and the liquidity is pumped into the banks.

This for me is down to mainly China and at present nothing to do with BREXIT at all nada.

http://uk.businessinsider.com/capital-controls-stop-mainland-chinese-real-estate-buyers-2017-05?r=US&IR=T

https://betterdwelling.com/chinas-capital-outflows-just-reversed-bad-news-for-global-real-estate/

Now this marginal buyer has gone its fallen a long way down in PCL 

people selling in PCL now have less money to move out

This will cause national price falls but the music wont start until those rates rise.

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4 hours ago, jonb2 said:

Yes SoF - this is what I fear most Brexiteers have missed. There has to be a greed based reason we have people like Rees-Mogg, Davies, Boris, Redmond et al wanting the eyes of EU regulation destroyed.

Yeah, Brexit - lets fill the boots of the .1%. Feck the peasants <again>,

A true insight into the hard of thinking.

Immigration that is good is where very rich people come and invest, though bidding up property is not my preferred choice ... immigration that is bad is when millions of low skilled poor people come, requiring subsidies to live here.

We uneducated, little Englander, racist Brexit voters, voted for the former, you remainers voted for the latter.

You mention Rees Mogg, Davis as pushing for Brexit due to greed, do you have anything to back this up with as i'm calling this out as made up utter nonsense ... but may i remind you of Blair, Gidiot, Mandelscum and all the truly treacherous corrupt nation wreckers who still push for remain. clearly its your lot that are the career troughers.

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36 minutes ago, Habitationi Bulla said:

A true insight into the hard of thinking.

Immigration that is good is where very rich people come and invest, though bidding up property is not my preferred choice ... immigration that is bad is when millions of low skilled poor people come, requiring subsidies to live here.

We uneducated, little Englander, racist Brexit voters, voted for the former, you remainers voted for the latter.

You mention Rees Mogg, Davis as pushing for Brexit due to greed, do you have anything to back this up with as i'm calling this out as made up utter nonsense ... but may i remind you of Blair, Gidiot, Mandelscum and all the truly treacherous corrupt nation wreckers who still push for remain. clearly its your lot that are the career troughers.

Quoting from me: " The last few governments: "

I despise Blair and Co. The trouble is that you are still thinking fenced-in left and right terms.

Just that anybody that's in power and very rich doesn't seem to have our interests to heart. That toad, Rees-Mogg for example.

http://www.independent.co.uk/news/uk/politics/tories-vote-down-law-requiring-landlords-make-their-homes-fit-for-human-habitation-a6809691.html

http://www.theneweuropean.co.uk/top-stories/brexit-is-about-the-rich-rees-moggs-of-britain-not-anyone-else-1-4896702

You see, I am thinking bigger than just what's served on my plate and deciding between sausages or chips. Thinking we can do better.

But nobody mentioned the Russian thing that first caught my attention up page - I suggest you read it before telling me I am the one that finds it hard to think. Here it is again:

" And on the subject of wealthy, money laundering buyers, I was in Moscow late last year and the local press was salivating at the prospect of Brexit, since it mean't that wealthy Russians could buy London property and avoid what they expected to be ever more intrusive and onerous EU beneficial ownership and money tracking checks. So Brexit was considered a reason TO invest in British property rather than the reverse.  "

Edited by jonb2

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