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geranium

London Booming

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London boom mentality is back but the rest of the country is struggling.

This goes for both House Prices and Retail Sales.

According to the British Retail Consortium, in January, Year-on year....

* Central London Like-for-like retail sales were up 6.5% (Central London is just that - the very centre, including no shopping centres outside)

* UK Like-for-like retail sales were up only 0.2%

This implies that UK retail sales, not including central London, fell 0.4%.

This picture looks quite clear to me. Would other members agree?

Edited by geranium

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My area (Bromley) has seen falls in house prices and I see lots of shops closing,

local shopping centre has increased rents and many of the smaller retailers can't cope, so they are closing down,

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My area (Bromley) has seen falls in house prices and I see lots of shops closing,

local shopping centre has increased rents and many of the smaller retailers can't cope, so they are closing down,

Interesting, thanks. It's good to get a complete picture.

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My area, West Midlands/Stratford, sees a lot of shops closing. EAs have many properties with price reductions and a few "sold" signs with STC in tiny print hanging around for months. Rightmove said prices in my area shot up 6% in January--must be their 99 million pound flats in Walsall ramping the averages!

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I've heard conflicting info on this. On the radio I heard someone say the West End was empty due to the Congestion Charge and that Westminster Council had cut parking charges to try to compensate. I can't verify it at the moment.

On the other hand, I heard someone involved in one of the retail associations say that the West End had suffered as a result of the CC before but was coming back to increased growth year on year or whatever the phrase is.

Whenever I've been in Oxford St, as you can guess it's been packed with people.

But I do think consumer spending is dropping, based on my own non-scientific anecdotes and observations. I also see patches in London where houses seem to be plentiful and few buyers, etc. Nothing is crystal clear as yet, it seems to be hard to call. But from a common sense perspective, with huge council tax burdens, huge gas bills, mounting borrowings and less employment opportunities possible, things may go phut quite soon perhaps.

Edited by novicerenter

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Guest Winners and Losers

Whenever I've been in Oxford St, as you can guess it's been packed with people.

Window shopping.

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I window shop there, I don't think my income can run to dept store prices. But when I pass through it's obviously mega-busy with huge traffic jams so that Oxford St traffic moves quite slowly, especially Thurs eve.

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Central london and nicer parts of london are booming. Findaproperty.com was quiet for Se1 during summer relatively but loads more under offer on properties now.

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Central london and nicer parts of london are booming. Findaproperty.com was quiet for Se1 during summer relatively but loads more under offer on properties now.

Certainly true here. We are wondering if we have done the right thing selling our property. It's not too late to pull out of course!

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I've heard conflicting info on this. On the radio I heard someone say the West End was empty due to the Congestion Charge and that Westminster Council had cut parking charges to try to compensate. I can't verify it at the moment.

On the other hand, I heard someone involved in one of the retail associations say that the West End had suffered as a result of the CC before but was coming back to increased growth year on year or whatever the phrase is.

Whenever I've been in Oxford St, as you can guess it's been packed with people.

But I do think consumer spending is dropping, based on my own non-scientific anecdotes and observations. I also see patches in London where houses seem to be plentiful and few buyers, etc. Nothing is crystal clear as yet, it seems to be hard to call. But from a common sense perspective, with huge council tax burdens, huge gas bills, mounting borrowings and less employment opportunities possible, things may go phut quite soon perhaps.

Undisputable fact is that central London retailers are doing better than a year ago. The BRC figures prove it. Businesses don't miss a trick to have a whinge but the fact is, they're doing ok in central London right now.

All the same, I'm inclined to agree with you that it could be quite short lived. I get the impression a certain amount of feel-better sentiment and a bit of bonus money came into the London economy from the City (along with better job prospects than we've had for a while) but it can't go bonkers for ever given the amount of debt out there and the council tax / utility bill pressures.

Also, when it's available, more money can go into houses, but there isn't any left to prop up the productive part of the economy.

Edited by geranium

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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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