Friday, May 20, 2011

“In London, the story is very different.”

How Osama bin Laden helped push up prime UK house prices

One for MW, Tragic events in New York a decade ago have had several unexpected consequences on this side of the Atlantic but surely the least likely to have been foreseen is an increase in prime residential property prices. Charles Ellingworth, a director of Cadogan Estates and founder of the HSBC subsidiary Property Vision, told me: “Wealthy Arabs don’t feel welcome in America any more and so they have bought the top end of the British market instead. “The effect has been quite dramatic. Walk around Sloane Square at night and all the lights are off. The owners don’t live there any more, they just visit for a couple of weeks a year.”

Posted by khards @ 07:42 AM (1291 views)
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3 thoughts on ““In London, the story is very different.”

  • “LVT would sort that out.”

    ~ Mark Wadsworth.

    Don’t get me started on 911.

    When the people involved die off, we might finally get to hear the truth of what happened on that miraculous day, but don’t bank on it.

    911 was a life changer for me.

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  • mark wadsworth says:

    Khards, yes, like all things Ricardian or Georgist, these things are easily observable, even on an international level:

    1. Brown brings in 50p top rate, that put a slight dent in London house prices but Swiss and Channel Island estate agents were reporting price rises due to increased demand from ex-pats.

    2. Egypt, Tunisia have their unrest, London estate agents report booming demand from wealthy Arabs.

    3. Brown reduced empty building discounts for Business Rates, occupancy rates went up slightly.

    4. And so on.

    But of course Ricardo’s and George’s theories are thoroughly discredited because whenever their ideas have been put into practice, house prices were steady, employment rose, there was more new development, crime fell slightly, a lot more infrastructure was built, trade deficits fell etc. It simply doesn’t work in practice… oh, hang on…

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  • More of the usual ramping and extrapolation from the situation in a very few postcodes to London as a whole. This is a flight of cash to a (temporary) perceived safe haven.
    As soon as the Arab millionaires feel there’s something more profitable to invest in that money will come out of property
    with the speed of a thousand gazelles as they would say themselves.

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