London Has Peaked

CLAPTON

billywilly wrote: »

Have you any idea how much money is being funneled into London by Asian and Chinese residents?

Property being built/converted in London is not being advertised here as there is so much more demand from those countries. They are buying up entire blocks of properties without even seeing them. Prices are hiked. The people doing well out of the current market are the builders & developers together with the London lawyers that regularly travel over there to advise on UK tax minimization methods and conveyancing.

it would be interesting to have some figures for the amount of property being bought by non residences and what they do with it.

billywilly

CLAPTON wrote: »

it would be interesting to have some figures for the amount of property being bought by non residences and what they do with it.

Unfortunately I would love to post figures and values, but in doing so would possibly create a problem for my source.

Suffice it to say that the Battersea Power Station redevelopment is in the main marketed in those countries only. Apartments are being bought in 6/12 in a block. 10's of £millions is being spent on property investment with never the intention of setting foot in them.

London is in fact booming, but not with money from the UK or even Russia.

The place to buy now seems to be close to the city centre in redeveloped buildings.

London is changing, it is no longer a place for the ordinary resident.

padington

If you look at 100k properties 40km near London it's amazing how many of them put their asking prices up by 10k the week after the election.

Massive 'housing prices soar' headlines on their way.

lisyloo

10's of £millions is being spent on property investment with never the intention of setting foot in them

I live in a big block of flats not a million miles away from there.
It's suprisingly quiet in the flat considering the density, don't see many people in the corridor, lifts, doorways. Lots of drawn curtains, empty balconies and lights off.

I came to the conclusion a while ago that there aren't actually that many people living there.

padington

chewmylegoff wrote: »

Why would being able to avoid a bit more of a tax that is only payable on death make people more likely to buy more expensive houses to live in? Are you suggesting that granny and grandpa will upsize when they think they are about to pop her clogs in the name of tax efficiency?

Someone else thinks otherwise here ...

https://audioboom.com/boos/3186013-this-is-money-show-peak-house-prices-cheaper-motoring-budgeting-interest-rates-and-your-finances-under-a-new-government

Worth a listen

Out,_Vile_Jelly

lisyloo wrote: »

I live in a big block of flats not a million miles away from there.
It's suprisingly quiet in the flat considering the density, don't see many people in the corridor, lifts, doorways. Lots of drawn curtains, empty balconies and lights off.

I came to the conclusion a while ago that there aren't actually that many people living there.

Yes, a friend of mine has a "Manhatten" style apartment (estate agent term for studio) in a new block near Imperial Wharf. When I ask her what the neighbours are like she says she's never seen any. It's probably a good thing it's mostly empty, as she can't get on the Overground trains to work, as they're too full.

I bought a house ~18 months ago and would not be able to afford it now. I find this alarming as I'm starting to wonder who is going to buy it off me. I don't think Chinese and Qatari investors view scruffy Morden semis as great investments.

lisyloo

as she can't get on the Overground trains to work, as they're too full

Yes I'm not sure how the transport infrastructure will cope with more people.

I don't think Chinese and Qatari investors view scruffy Morden semis as great investments.

Agreed, but perhaps there is a knock on effect where middle earning and even high earning professionals are being pushed into those and hence pushing up the prices.

padington

Asking prices up 17% in one month ....

http://www.telegraph.co.uk/finance/property/11631377/London-asking-prices-jump-17pc-after-the-election.html

chewmylegoff

padington wrote: »

Someone else thinks otherwise here ...

https://audioboom.com/boos/3186013-this-is-money-show-peak-house-prices-cheaper-motoring-budgeting-interest-rates-and-your-finances-under-a-new-government

Worth a listen

I'm not going to listen to a 45 minute radio show on the off chance that someone says something relevant in it. Perhaps you could identify the relevant point in the show or reproduce whatever you're referring to.

padington

chewmylegoff wrote: »

I'm not going to listen to a 45 minute radio show on the off chance that someone says something relevant in it. Perhaps you could identify the relevant point in the show or reproduce whatever you're referring to.

The housing expert says that the million pound tax free rule will increase house prices.