Tuesday, July 15, 2014

Timber! Chinese and Russian rentiers run for the hills

London’s turning, London’s turning: sales collapse by a quarter

The London market looks to be unravelling dramatically – and not just in its prime central postcodes – as it appears that buyers are staying away while sellers belatedly attempt to cash in. Sales across the whole of London are sharply down, while supply is up – by 32% according, yesterday, to the property website Home. It described the surge in new instructions as “startling”. It is in central London that agents are reporting the steepest falls in sales as buyers stay away. Richard Barber, partner at Knightsbridge-based W.A. Ellis, said that according to Lonres which tracks all property deals across central London, in June, transactions of houses were down 45% compared with June last year, and all transactions (ie, of flats as well as houses) down by 25%.

Posted by khards @ 09:49 AM (2305 views)
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3 thoughts on “Timber! Chinese and Russian rentiers run for the hills

  • Interesting that they call out ATED as a reason for the fall. You can reduce your ATED bill to zero by simply disclosing who you are by changing the record at the Land Registry to a natural person. Surprise surprise, thousands of people have opted to pay up to £140k/year to remain anonymous. What could they possibly be hiding?

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  • Is this a good sample or just from one agency?

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  • britishblue says:

    The market is still going mad in my area. as I own a removal company and I do get a good daily insight into the minds and souls of both sellers and buyers. The london property market is like a wave that comes outwards. On the outskirts it is still going crazy and people are cashing in and moving out. Half way into London there are appearing to be a few niggles with chains, where an exchange gets put back and agents are telling people to sell at the peak of the market. I do not work in Central London. My view is that it is all based on sentiment. A lot of the other points why the market is high are side issues and have nothing to do with prices being achieved at 40 to 50% more than they were 18 months ago. If however, the central London market does fall, it could effect sentiment along the wave. I think there are few people left that think prices are fair value. So if sentiment does start to wobble it will be interesting if more property comes on the market

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