40% In London

CLAPTON

zagubov wrote: »

There's a new housing development happening near my relatives just outside the London boundary. The bulk of it has apparently been sold to overseas buyers, whose intentions to use it are unclear.

There's a general feeling around here that local residents are being priced out of the housing market in their own city, much as many people in the west country have been priced out of their own housing market.

Much of the housing development puts excess demand on exisitng amenities but removes the land for developing new ones (e.g. the area lost its only cinema some time ago when flats replaced it). BIt at least new residents bring spending money to keep local trade busy and make shops, pubs and restauarants viable. Non-residents provide nothing.:(

can you give us a link of some sort?

the west country has plenty of housing and plenty of land to build more
it lacks, however, jobs

globalds

I work in the construction industry.

The London Boom has a long way to go if looking at what is in the Pipeline.
I know of one company that has mentioned 30 apartment building projects planned.
London may be profitable for foreign speculators ..But it is also extremely profitable for Builders and agents .It pays wages for staff and The London /Olympic builds kept many companies afloat.
I am pretty confident that at some point there will be a bursting of this market and at that point many foreign buyers and speculators will sell up ..it might give an opportunity for real buyers to get in.

On a downside ...And this is just my personal opinion .lots of the stuff going up is not of particularly good quality.
There are cheap ways and more expensive ways of throwing a building up ..the cheap ways seem to becoming far more common.

zagubov

CLAPTON wrote: »

can you give us a link of some sort?

the west country has plenty of housing and plenty of land to build more
it lacks, however, jobs

I shall find out what I can.
There's not much webpresence about who's buying it although the local freesheet may have something.

LydiaJ

globalds wrote: »

The point of the discussion I had with Bantex was in response to his statement that houses should be for home owners ..I was stating that there are a huge amount of people interested in housing.
I am inclined to think it is good for the market....Rather like diversity in a forest ..it helps the whole to be more resilient.

My assertion that everyone has become a speculator in this area is more because of the way the world has changed.
And even though you say you are not interested in your house value rising more than inflation ..imagine if it was more of a luxury and devalued more like a car . Now that is an area where I feel happy saying the majority in that market are anything but speculators ..They want a car that works and are prepared to lose money each day they use it....Most home owners aren't.

There really is no shortage of land to build on in this country and nothing stopping any government from building huge amounts of housing in lots of good places that would cause speculators and short term investors to lose interest in the property market.
No party in government or opposition seem to wish to do it and all those people who want a house to call a home don't seem to have a loud enough voice to cause politicians to change the present status quo...So either they are quietly enjoying there gains ..Or there really isn't enough of those types of property buyers.....I would politely say the later.

Edited as my reading skills seem even poorer than I imagined

Thanks for your reply. You're probably right that many or even most owner occupiers are happy to see their homes increase in value. I was just taking exception to your "ask anybody and I mean anybody" line. I'm well aware that the way in which I came to own my house was so unusual as to make "non-typical" a huge understatement.

I was struck a year or so ago, though, at my aunt's funeral, to hear the consensus among my numerous cousins, all in their 50s and 60s, agreeing that they'd be more than happy to take a hit on the value of their own houses if it meant that their kids were able to buy homes to live in. I don't imagine they're doing much political clamouring about it, though.

grizzly1911

BillJones wrote: »

Why do you make up these idiotic lies?

http://www.zoopla.co.uk/for-sale/details/32289507?search_identifier=95ffff41d5578be2dd50689f544c3fc0

The above is a studio in Lewisham ,offered at £105,000.

And here's a 2 bedroom flat in Lewisham, up for £170k,

http://www.zoopla.co.uk/for-sale/details/32221544?search_identifier=aba4336278c9c63ba0ebdb118ee22b6a

Makes you wonder why they achieve such ridiculous prices apart from location, location, location.

Is that a bedroom or utility room with a bed in it on the second property?

grizzly1911

Can UK PLC afford to allow house prices to fall.

It needs them to increase, to allow further debt to be drawn against them, at least short term cost.

George made the point yesterday.

Bantex_2

BillJones wrote: »

Why do you make up these idiotic lies?

http://www.zoopla.co.uk/for-sale/details/32289507?search_identifier=95ffff41d5578be2dd50689f544c3fc0

The above is a studio in Lewisham ,offered at £105,000.

And here's a 2 bedroom flat in Lewisham, up for £170k,

http://www.zoopla.co.uk/for-sale/details/32221544?search_identifier=aba4336278c9c63ba0ebdb118ee22b6a

The £170.000 property is cash buyers only and the other listing is for close on £300k.

Not sure what lies you are refering to.

pricedout_1

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.

You're just distorting the OP's arguement in a rather distasteful manor. The point being made is that the influx of foreign buyers is a root cause of the HPI we are seeing in London. It seems that you are prone to boughts of political correctness.

theEnd

This is just the other side of all the stuff we import. We pay out pounds to buy stuff and the pounds have to come back. In this case the only thing people want to spend their pounds on is houses.

It will not end well.

chucky

hughgallagher wrote: »

You're just distorting the OP's arguement in a rather distasteful manor. The point being made is that the influx of foreign buyers is a root cause of the HPI we are seeing in London. It seems that you are prone to boughts of political correctness.

Please excuse the sarcasm Huge as I couldn't find a font for sarcasm.

The number of foreign buyers buying property in Stonebridge, Haringey, Hanwell and Thamesmead is really influencing prices in those areas.