Wednesday, Oct 28, 2009

House price crash averted by foreign and institutional buyers?

The Guardian: Foreign investors eye up repossessed UK homes

Investors from overseas are eyeing up repossessed homes in the UK, with German and French buyers at the head of the queue, according to data from property website PropertyEarth.
The site, which specialises in chain-free properties including lender repossessions and developer's unsold stock, said it had attracted visits from investors all around the world drawn by the price of property and the weak pound.

Posted by serendipity-my ass @ 08:06 PM (1982 views)
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21 Comments

1. phdinbubbles said...

If institutional buyers are buyers that live in an institutional care then that would definitely explain things.

Wednesday, October 28, 2009 10:13PM Report Comment
 

2. stillthinking said...

Umm...devaluation to make our exports cheaper....

Wednesday, October 28, 2009 10:33PM Report Comment
 

3. krustyatemyhamster said...

Can't think why any foreigner would want to buy a house in this Country with the risk of further falls in house prices and the value of Sterling.

Wednesday, October 28, 2009 10:41PM Report Comment
 

4. enuii said...

Yawn

Wednesday, October 28, 2009 10:50PM Report Comment
 

5. greenshootsandleaves said...

Do I detect a variation on the 'foreign buyers poised to buy up Fergus Wilson's BTL empire in Ashford' story, I wonder? Shame on the guardian for running such piffle!

Wednesday, October 28, 2009 11:05PM Report Comment
 

6. drewster said...

Let me translate:

"PropertyEarth, a floundering company desperate for publicity, released some dubious stats based on nothing more than the hit counter from its website. Here at the Guardian we can't be bothered with fact-checks or any serious journalism, so we're just going to print the press release verbatim, with a counter-quote from a competitor tacked on at the end."

Wednesday, October 28, 2009 11:32PM Report Comment
 

7. wiltshire said...

They've got about 450 properties on the site including 2 in Leeds and 15 in Manchester.

Looks like we're talking about a major player here and I would advise people to take what they say ve-ry seriously. I know Stuart Lawzzzzz will.

Thursday, October 29, 2009 01:17AM Report Comment
 

8. wiltshire said...

Interesting site, this Propertyearth.net They've really embraced technology and are blogging and tweeting like teenagers!

I particularly like this page - http://propertyearth.wordpress.com/2009/10/20/81/ because they've put some charts up regarding all these foreign visitors. The average time they seem to be spending on the site is 4 minutes so it looks like we're talking about some serious contenders here.

Someone let Stuart Lawzzzz know the market is definitely saved this time!

Thursday, October 29, 2009 01:25AM Report Comment
 

9. hpwatcher said...

Have you used it?

There are hardly any properties in it.

Thursday, October 29, 2009 05:51AM Report Comment
 

10. estrader said...

So let me see if I understand this correctly... The U.K needs a weak pound in order to attract foreign investors to make up the “Demand” in the “Supply & Demand” argument that a shortage of property drives up property prices in the U.K...What will they think of next?

Thursday, October 29, 2009 07:45AM Report Comment
 

11. andrew said...

Quick buy a house before some foreigner does - give me a break - the tireless propoganda machine keeps on going.

Thursday, October 29, 2009 10:14AM Report Comment
 

12. Neil B said...

Im always shocked by these reports and the attitude of most of the replies: How hypochritical can the UK get? Its OK for Brits to buy second properties in Spain, France, Bulgaria, Italy, Germany, Romania and USA (to name only a few countries!) but as soon as anyone foreign buys a property in the UK the claws come out!

Thursday, October 29, 2009 10:20AM Report Comment
 

13. mountain goat said...

Similar story in Miami "Looking at sales it appears most are not being made to 'bulk' buyers. However Zalewski believes most are being made to foreign nationals, investors looking to flip once again in Miami real estate" - CBS4.

Foreigners seem to be the greatest of the "greater fool" as the great housing Ponzi scheme reaches maturity.

Thursday, October 29, 2009 10:29AM Report Comment
 

14. mander said...

Speculators arround the world help keep the UK housing bubble inflated because in their own country have been told off as the properties there are not for manipulation but for families to live in.

Let's in the UK be different than the rest of the world.

Thursday, October 29, 2009 10:35AM Report Comment
 

15. ontheotherhand said...

Can someone explain why chain free is a key feature to a buyer? I understand that if I am selling a place and I get 2 offers for the same amount, I should prefer the chain free buyer because it is less likely to fall through. I don't see the reverse.

Thursday, October 29, 2009 10:57AM Report Comment
 

16. p. doff said...

14. ontheotherhand said...''Can someone explain why chain free is a key feature to a buyer?''

Because if the vendor is stuck in a chain he may not be in a position to move out, which obviously upsets the buyers plans. There is also a slightly stronger possibility that the vendor could change his mind altogether about selling - I've heard the excuse many times - 'can't find a house I want to buy so I've decided to stay put'.

Equally, I would avoid properties which are being sold as part of divorce proceedings - they often go wrong because of (unreasonable) disagreements between the divorcing couple.

Thursday, October 29, 2009 11:55AM Report Comment
 

17. crunchy said...

15. p. doff said..."Equally, I would avoid properties which are being sold as part of divorce proceedings - they often go wrong because of (unreasonable) disagreements between the divorcing couple."

Do you have proof of that and can you provide any data. or?

Thursday, October 29, 2009 12:04PM Report Comment
 

18. crunchy said...

p.doff I have a contary view but I don't have conclusive proof.

Thursday, October 29, 2009 12:11PM Report Comment
 

19. p. doff said...

16. crunchy said...Do you have proof of that and can you provide any data. or?

No Crunch. I just recall a relatively high incidence of this during my days as a partner in an estate agents. More recently I have anecdotal evidence e.g. friends/relatives encountering problems/delays buying from a divorcing couple (my sister included - she eventually pulled out of a purchase due to protracted delays as the divorcing couple argued over splitting their assets). I also have a friend who recently divorced and nearly lost the sale because of delays while he squabbled with his wife over the settlement.

Thursday, October 29, 2009 12:25PM Report Comment
 

20. p. doff said...

Of couse, there could be cases where the divorcing couple are so sick of each other that they want to get shot of the house asap - but I recall more delay problems than speedy sales !!!

Thursday, October 29, 2009 12:30PM Report Comment
 

21. crunchy said...

18. p. doff

Now as a rational person I will take what you say on board, on the other hand if I were not, I would try and shout you down and try to

discredit you with crazy remarks. Conclusive proof is not always needed, as you should know. Good day!

Thursday, October 29, 2009 12:39PM Report Comment
 

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