High-end, new-build flats in London.

Killerseven

IronWolf wrote: »

I've thought this for the last 5 years. There seems to be an endless supply of dumb money into overpriced London property.

Which is why there are so many new 'luxury' residential buildings being added to supply while prices are still up here.

Killerseven

wotsthat wrote: »

For the year to the end of Q4 there were 13,870 dwellings started (being built by private enterprise) in the whole of London.

Doesn't seem that high a figure given the population.

https://www.gov.uk/government/organisations/department-for-communities-and-local-government

Will there be around 28,000+ new people move into London for the year to the end of Q4? Given 2 people per property, but in reality its more like 3 on average which would need more than 40,000 new people (and jobs) ontop of replacing the thousands leaving London.

Some say its no problem lots of people want to live in these flats, yes maybe true but if they are already living in London who is going to want to move in their old place?

Killerseven

Yes Londons population is going up, but not as fast as new residential rooms being added to the supply.

It is a fact that there are more properties or rooms (maybe 1 or 2 people per room) being added to supply than people and jobs for them to do in London.

padington

Killerseven wrote: »

Yes Londons population is going up, but not as fast as new residential rooms being added to the supply.

It is a fact that there are more properties or rooms (maybe 1 or 2 people per room) being added to supply than people and jobs for them to do in London.

Don't forget loads of them will get snapped up by BTL landlords and overseas carpet batters. Also property in London is like roads in London, more capacity there is, more people get attracted to using them.

More opportunities that are built, more magnetic London becomes. This is the way Londen becomes a mega city which can then ensure she enjoys the 15% premium cities enjoy every time they double in size becoming better and more efficient than any other city half its size, every which way.

The scale of economy for cities is an amazing advantage and it can only happen with lots more people and lots more places to house them.

Killerseven

wotsthat wrote: »

For the year to the end of Q4 there were 13,870 dwellings started (being built by private enterprise) in the whole of London.

Doesn't seem that high a figure given the population.

https://www.gov.uk/government/organisations/department-for-communities-and-local-government

I wonder if there will be more or less than that in 2015? From the reports Im seeing there number will be even higher, as long as prices stay up here in the clouds.

There are over a hundred new skyscrapers planned over the next ten years similar to the Shard. Then the supply of new residential rooms will be expanding far in excess of supply of new people moving to London.

May not be supply larger than demand of buyers, but this is obviously leading to disaster like the Vauxaul tower full of empty over priced flats.

Killerseven

padington wrote: »

Don't forget loads of them will get snapped up by BTL landlords and overseas carpet batters. Also property in London is like roads in London, more capacity there is, more people get attracted to using them.

More opportunities that are built, more magnetic London becomes.

Thats like saying that just because people want to move to london they will find the money and create extra jobs just like that.

It doesnt work like that.

chewmylegoff

Killerseven wrote: »

Will there be around 28,000+ new people move into London for the year to the end of Q4? Given 2 people per property, but in reality its more like 3 on average which would need more than 40,000 new people (and jobs) ontop of replacing the thousands leaving London.

Some say its no problem lots of people want to live in these flats, yes maybe true but if they are already living in London who is going to want to move in their old place?

In a word, yes. London's population is increasing by more than 100,000 a year.

padington

Killerseven wrote: »

Thats like saying that just because people want to move to london they will find the money and create extra jobs just like that.

It doesnt work like that.

No it's like saying exactly what I said - just like if you widen roads in London or anywhere else heavily desirable, they attract more traffic and if you build sufficiently more houses, they will attract more people than your usual expected yearly arrivals.

It's like putting bird Feeders and bird boxes in a garden.

Thrugelmir

lisyloo wrote: »

Have you considered that some of these might be owned by absent foreign owners who didn't buy them to live in but for an investment.

An empty property that's incurring service charges and not generating revenue isn't much of an investment.

the_flying_pig

padington wrote: »

Don't forget loads of them will get snapped up by BTL landlords and overseas carpet batters. Also property in London is like roads in London, more capacity there is, more people get attracted to using them.

More opportunities that are built, more magnetic London becomes. This is the way Londen becomes a mega city which can then ensure she enjoys the 15% premium cities enjoy every time they double in size becoming better and more efficient than any other city half its size, every which way.

The scale of economy for cities is an amazing advantage and it can only happen with lots more people and lots more places to house them.

:rotfl:

you should become a full-time cheerleader for the inexorable rise of London house prices.

er, oh...