Monday, March 3, 2008

Hmmmm not sure I believe any of this….

New-build property prices in London up 21.6%

''....The price of a new-build property in central London increased by some 21.6 per cent during the previous three months – according to new research from SmartNewHomes.com. Although prices dropped slightly during January – down 2.1 per cent on the level recorded in December 2007 – prices have shown robust growth over the longer term. According to the SmartNewHomes monthly index, the average price of a new home in the capital in December was £411,981....''

Posted by hpwatcher @ 09:35 AM (956 views)
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5 thoughts on “Hmmmm not sure I believe any of this….

  • Looks like a daft ”pick figures out of the sky” asking price type survey.

    Absolute nonsense.

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  • japanese uncle says:

    These unworldly prices are apparently taking into account of the future massive discounts to induce less intelligent buyers.

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  • This would imply that the average “property buing wage” in London is £100K:
    85% of 411,981 = 350,183.85
    dividing by a ‘safe’ multiple of 3.5:
    350183.85 / 3.5 = 100,052.53

    Unless the rich decide to buy up all of London’s low-mid size properties to provide a full rental-only market, this cannot hold.

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  • crash bandicoot says:

    The only plausable explanation for this is that work on all flats has been stopped in London. Suggesting that the only properties being built are larger houses. If this is not the case then the survey is pure “asking price” tosh.

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  • it_is_going_with_a_bang says:

    A survey with no statistics? Sounds more like an advert for a site selling new properties …..

    The bungalow next door to my brothers house was knocked down to build 4 houses on. So you can imagine how big the ‘houses’ are.
    £250k for a tiny house – oh sorry i mean – cottage – the new word for building a 3 bed house that so small you could barely swing a cat in it.
    http://www.rightmove.co.uk/viewdetails-19772081.rsp?pa_n=4&tr_t=buy
    4 months on they are still very empty.

    So ask away House Builder – doesn’t mean anyone is going to pay for them.

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