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Realistbear

Home Buyers Are Rushing To Buy 1million Pound Homes

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http://www.thisismoney.co.uk/mortgages/hou...page_id=57&ct=5

The £1m homes bonanza

Becky Barrow, Daily Mail

8 February 2006

MORE than ten homes worth £1m or more were sold every day in the last three months of last year, official figures will reveal today.
It is the highest number of million-pound properties ever sold in this country and proves that the top end of the property
market is booming
.
The figures published today by the Land Registry will show that a record of nearly 950 homes were sold for £1m or more between October and December last year.
This is a
massive rise of nearly 25%
on the previous year as
home-buyers rushed to spend seven-figure sums - sometimes even eight-figure - on a new home.
Miles Shipside, commercial director of Rightmove, one of Britain's biggest property websites, said: 'The property market's key foundation has returned. Confidence is back - leaving pessimists out in the cold.'
While young people struggle, those who do not even need to bother with a mortgage are buying huge, expensive homes in record numbers
.
Many use their properties, which may be one of several that they own around the world, for just a few weeks every year. But they are deserted for most of the year.

With this much good news for the wealthy who cares about the lower paid and FTBs! NuLabour finds a new source of political support away from its traditonal base.

No mention of the 2% drop reported by the BBC? This must be counter-spin to offset all the doom and gloom being put out by the CBI, OECD, Financial Times, Money Week.

Anyone know who is buying all these 1million pound homes? Russians with too much to spend? With the FTB market shut down the money must be coming from overseas?

Edited by Realistbear

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They're talking about 950 sales out of 258,763 (according to Table 3 of the Land Registry report) .... its hardly representative.

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They're talking about 950 sales out of 258,763 (according to Table 3 of the Land Registry report) .... its hardly representative.

Who's to say these £1,000,000+ homes were not £2,000,000 a few months ago.

It seems to me that houses at this sort of level (depending on where) are one offs and not part of a terrace or housing estate built to the same design. This means it's very difficult to value and I wouldn't be surprised that in the boom times they are over inflated to a greater degree than anything else.

We were told 6 months ago that sales of this sort of value had dropped off completely, so rather than booming I'd say it's more offers being accepted at a lower value but still over the 1 million mark.

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Miles Shipside, "Confidence is back - leaving pessimists out in the cold"

As Ive said, 8 - 10% HPI for London reporting in August / September 06.

The good ship bargain is about to depart, fill yer boots. :rolleyes: If Im wrong Ill eat my todger, heavy on the pepper sauce.

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Who's to say these £1,000,000+ homes were not £2,000,000 a few months ago.

Exactly. IIRC Kensington and Chelsea prices for example have fallen by about 40% since peaking in 2002.

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  • 301 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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