40% In London

Bantex_2

They just quoted on the BBC news that over the last 12 months, 40% of London property sales went to overseas investors. No detail, but if true it does seem to be getting out of hand.

globalds

why is it a problem ?

Bantex_2

globalds wrote: »

why is it a problem ?

Homes should be bought by families, not investors. Or maybe I am just old fashioned.

globalds

Bantex wrote: »

Homes should be bought by families, not investors. Or maybe I am just old fashioned.

whether you are old fashioned is not the point.

whether the concept you describe is any more correct than a property market partly filled with investors or developers or BTL landlords is a more reasoned point ?

I am not sure which is better ..I am not even sure what better is in a housing market .

Before house prices rose this time ..property in the centre of London has been unaffordable to most in buyers and for those families on the cusp ..then investment was a part of the reason for purchase.

We have what we have.
There is not a shortage of homes for people who have been priced out of the centre of London...Just they will have to move somewhere cheaper.

Bantex_2

globalds wrote: »

whether you are old fashioned is not the point.

whether the concept you describe is any more correct than a property market partly filled with investors or developers or BTL landlords is a more reasoned point ?

I am not sure which is better ..I am not even sure what better is in a housing market .

Before house prices rose this time ..property in the centre of London has been unaffordable to most in buyers and for those families on the cusp ..then investment was a part of the reason for purchase.

We have what we have.
There is not a shortage of homes for people who have been priced out of the centre of London...Just they will have to move somewhere cheaper.

This is not just Central London though.
A studio in a shabby part of Lewisham will now cost around £250,000 due to anything better being bought up and in many cases just left empty. No point in renting out with 20% capital growth.
Overseas investors will not have the slightest interest in the local comminities, whereas owner occupiers will have intersts that go beyond purely price.

CLAPTON

it would be good to have some real info before trying to draw any conclusions

thequant

Bantex wrote: »

Homes should be bought by families, not investors. Or maybe I am just old fashioned.

Is it investors or foreigners you have a problem with ?


Me get the impressions that the people who object to "foreigners" buying uk property on the pretence that it prices out the locals. Are the same people who object to immigrants because they drive down wages for the indigenous population.


It's racism pure and simple, just wish people wuld come out admit rather than hide behind some sort of pseudo concern for society.

CLAPTON

thequant wrote: »

Is it investors or foreigners you have a problem with ?


Me get the impressions that the people who object to "foreigners" buying uk property on the pretence that it prices out the locals. Are the same people who object to immigrants because they drive down wages for the indigenous population.


It's racism pure and simple, just wish people wuld come out admit rather than hide behind some sort of pseudo concern for society.

what exactly are you saying ?

that extra demand has no effect on price?

or extra supply has no effect on price?

is this new economic theory ?

Bantex_2

thequant wrote: »

Is it investors or foreigners you have a problem with ?


Me get the impressions that the people who object to "foreigners" buying uk property on the pretence that it prices out the locals. Are the same people who object to immigrants because they drive down wages for the indigenous population.


It's racism pure and simple, just wish people wuld come out admit rather than hide behind some sort of pseudo concern for society.

Trying to close down any debate by just accusing people of racism is a bit last century and doesn't tend to work as well as it used to.

I have a problem with absentee investors buying up scarce housing stock. Don't really care what race they are.

I like to see places owned by people that have an interest in a area beyond purely financial.

Suppose it depends on whether you see a house as a home or just a pile of bricks that is there for trading and nothing else.

PS
Trying to close down any debate by just accusing people of racism is a bit last century and doesn't tend to work as well as it used to.

globalds

Bantex wrote: »

Suppose it depends on whether you see a house as a home or just a pile of bricks that is there for trading and nothing else.

Ask anybody and I mean anybody if they have no interest in the value of there home and just bought it to live in ..every one will say that they want the value to increase.

There are not two different types of buyer.Everyone who buys is a speculator to an extent.

Bantex_2

globalds wrote: »

Ask anybody and I mean anybody if they have no interest in the value of there home and just bought it to live in ..every one will say that they want the value to increase.

There are not two different types of buyer.Everyone who buys is a speculator to an extent.

When the only interest is value, it is not good for local communities. Look at some of the Zombie villages in Cornwall which are dead for all but a few months in the summer.