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This is very good news.  The UK and the US do seem to topper in tandem and the market in London has been on the slide for well over a year.  Anything to knock the confidence of the 'property only rises in value' set.

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The general gist of the article (based on plugging the title into a google search) is that there is a huge oversupply of high end condos. "the ratio of homes sold to those currently for sale in Manhattan has gone from 1:3 to 1:6 in a year, according to Stribling. For homes priced above $10m, the ratio is 1:10. " though later it says, 1:15. By itself, this statistic seems somewhat vacuous by itself since we do not know what 'sold' means. Is it contracted awaiting completion? Is it sold within the last week? month? year? However, changes over time in the metric (assuming consistency in its calculation) are valid; so a doubling in a year is meaningful.

Seems similar to the situation in London. One can only hope the effect at the top eventually trickles down.

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3 minutes ago, MissOnAccomplished said:

the effect at the top eventually trickles down

The second best kind of trickle down economics, after that concerning the trousers of the people leveraged into this crap.

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4 hours ago, Trump Invective said:

Sorry folks I could access it for some reason without subscription

Non-subscribers get a few articles per month.

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On 11/10/2018 at 04:30, honkydonkey said:

Install this and you'll be able to view them in future. Go to chrome extensions, enable developer mode, unpack this and drag it into the window.

https://github.com/nextgens/anti-paywall


I don't know whether the raw code works since I do not understand enough about it (something in javascript, yes?). 
But from that page there is a link to a Chrome extension - that for me generated a 404 error. 
The link for the Firefox extension worked for me. 
 

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On 10/10/2018 at 13:53, Locke said:

can view it if you google search the title. Good to include that with your post.

Thanks, did that, worked. Nice graphics, must say. Can't understand why they're not flying off the shelves. Apart from the <$95 million price-tag for 4 bedrooms, who on earth wouldn't want to live in a super-tall skyscraper in Manhattan?!

Edit: "Garrett Derderian of Stribling thinks the real number [the sold to for sale ratio] is more like 1:15, since, he claims, developers have been lowballing their supply numbers, mindful that a full picture will send prices falling further. “They are holding back homes that they would otherwise be actively marketing, and which would therefore show up in inventory figures,” he says. Inventory figures are being “significantly manipulated” by the practice of excluding this so-called shadow inventory, according to Miller." 

This is surely going on in the UK, too, wonder when all that saved stock is going to wash out...

Edited by North London Rent Girl

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On 14/10/2018 at 08:33, North London Rent Girl said:

This is surely going on in the UK, too, wonder when all that saved stock is going to wash out...

It always makes me laugh when property pogs refer to flats in the "luxury market". I think they are only fooling themselves and people who have too much money.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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