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Panic selling of London Property
macaque_2
Posts: 2,439 Forumite
Well... the dam had to break sooner later.
Ouch!
A combination of greedy sellers, nervous buyers and unscrupulous estate agents who promise sky-high prices in order to tempt clients, is being blamed for an epidemic of discounting in the London property market, where a third of all homes for sale have had their original asking price slashed.
The average discount is £36,400 — but in some areas that can leap to almost £100,000. However, experts insist this is not because selling prices are falling but because initial asking prices are being recklessly inflated. New research shows discounting is now rife in the capital — except in gilt-edge areas such as Kensington and Chelsea.
Ouch!
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Comments
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I do think prime London will pop and the effects will be devastating however I'm sure we are going to have one last raft of deluded foreign buyers even with the stamp duty changes.:(:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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I do think prime London will pop and the effects will be devastating however I'm sure we are going to have one last raft of deluded foreign buyers even with the stamp duty changes.:(
Won't the next wave be the wealthiest French people escaping the new tax rates?Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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vivatifosi wrote: »Won't the next wave be the wealthiest French people escaping the new tax rates?
Apparently they are queuing up already. A friend of mine is works in a city law firm and many of their French counterparts are about to move to London en-masse and laying the ground work already.
That having been said, with the pound appreciating against the Euro some of the impact will be negated hopefully.0 -
vivatifosi wrote: »Won't the next wave be the wealthiest French people escaping the new tax rates?
Them and increasingly worried members of the PIGS who haven't got out yet.
I thought most had already bailed but looking at Greece today with the banking withdrawals I think foreign buyers will increase again this year as panic grows.Its not just London but cities in Canada and middle east where money is moving to. These stamp duty changes where I thought would initially deter may turn out to be a massive uk government fund raiser.
Its going to be interesting.
Is it time to invest in shotgun shells and a big safe?:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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vivatifosi wrote: »Won't the next wave be the wealthiest French people escaping the new tax rates?
Already happening. The inhabitants of the South of France are particularly peeved as only a small percentage voted for Hollande - not surprising.
One EA is even opening French speaking offices.....
"Voulez-vous coucher avec un hot water bottle ce soir?" :rotfl:
http://business.blogs.cnn.com/2012/05/04/french-greek-elections-a-boom-for-london-property/0 -
These stamp duty changes where I thought would initially deter may turn out to be a massive uk government fund raiser.
So not the trigger for the big national crash you kept insisting it would be then.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
i deal with some higher rate French tax payers. They are moving to London to avoid the tax rate.
this is what the lefty doesn't understand. terrible tragic lefties.0 -
The Greeks, French, Spanish, Portuguese and Germans will be buying UK property in their thousands ...........Bringing Happiness where there is Gloom!0
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