Tuesday, February 2, 2016
Tulips in Central London
Estate Agent News
Articles describes how major portals are awash with top end resales of luxury flats in developments in London. This end of the market has been a casino for some time: People buying property but not living in it. Many of these concrete blocks with glass facades are soulless and not luxury living.These buyers are not immune from world events. The housing market oftne starts in Central London and snowballs out, if there is a crash in the central London apartment ponzi it will be interesting to see how this effects sentiment in the wider market
Posted by britishblue @ 08:48 AM (5571 views)
5 thoughts on “Tulips in Central London”
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taffee says:
didn’t the boom from 2012 onwards start with stories of telephone number prices in central London?…then spread to the suburbs
hpwatcher says:
No wonder the London HTB has just been launched. Just throw money at the lemmings so they can borrow and sustain inflated prices.
sneaker says:
It’s just not going to end well is it? Not if you’re an offshore buyer who wanted to wash money out of China or Russia and for whatever reason thought London should be priced like a land-locked place such as Manhattan, Monaco or Mumbai…
For the rest of us, a 50% drop sounds just about right.
How about that £140,000,000 apartment in Knightsbridge. 10,000 sq ft = £14,000 per square foot. I fancy £2,000 per square foot is the maximum it should be. So Sub-£20m and probably – for a normal person – still way over-priced there as no amount of ostentation (even a revolting amount) can change that it’s still a glass box on a polluted main road.
Seriously I think some of this stuff will fall 90% and still find no buyers.
britishblue says:
I think it is in Australia, where they are bringing out new laws for foreign buyers including fines or imprisonment if buyers cant prove the money was clean. When this thing starts going down,foreign buyers will be ripe to tax and extract wealth from in the UK.
taffee says:
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The asset price burst seemed to exert a strong impact on the overall Japanese economy. By 1992, urban land prices nationwide declined 1.7% from the peak.[10] However, the impact was worse for land in the six major cities, as the average land prices (commercial, residential, and industrial) dropped 15.5% from its peak.[10] Commercial, residential and industrial land prices dropped 15.2%, 17.9%, and 13.1%, respectively.[10]
The entire asset price crisis was far worse, especially in the large business districts of Tokyo. By 2004, prime “A” property in Tokyo’s financial districts had slumped to less than 1 percent of its peak, and Tokyo’s residential homes were less than a tenth of their peak, but still managed to be listed as the most expensive in the world until being surpassed in the late 2000s by Moscow and other cities. However, since 2012, Tokyo is once again the world’s most expensive city, followed by Osaka with Moscow as number 4.[citation needed] Tens of trillions of dollars of value was wiped out with the combined collapse of the Tokyo stock and real estate markets. Only in 2007 did property prices begin to rise; however, they began to fall in late 2008 due to the global financial crisis.[19]
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https://en.wikipedia.org/wiki/Japanese_asset_price_bubble