High-end, new-build flats in London.

wotsthat

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?

The number I quoted was for all property and it seemed very small. The number of flats will be even smaller.

Can you provide any links showing thousands are leaving London each year because, net, I understood the population was increasing and there were housing shortages even before the increases.

Building rates are so low in London that I imagine Londoners looking on in awe and talking in hushed tones as they ponder who could possibly be moving in when the place is so deserted.

You're not the chap who forecast a London price crash after the athlete's Olympic village was converted to flats are you?

lisyloo

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

I don't agree with this.
Capital appreciation is London has (past tense) made empty properties a great investment. That's a fact.
Whether it's a great investment going forward is a different matter (and personally I suspect not).

The facts are that foreigners have been pouring money into London and have been leaving properties empty.
I don't see how anyone an dispute what HAS already happened although of course what happens in the future is open to speculation.

lisyloo

So if they cant find tenants who can afford the rent they either have to lower the rent or find a buyer.

No they don't.
In November the land registry said capital appreciation in London was 17.4%.
They don't need to rent it out at all, they can afford to leave it empty.

I don't think it's great for our society that properties are left empty in the capital -[ I don't like it either, but it's a fact that this is what's happening.

TheBlueHorse

A flat at 1 Hyde Park sold for £46m yesterday

Killerseven

lisyloo wrote: »

No they don't.
In November the land registry said capital appreciation in London was 17.4%.
They don't need to rent it out at all, they can afford to leave it empty.

I don't think it's great for our society that properties are left empty in the capital -[ I don't like it either, but it's a fact that this is what's happening.

Just shows with this many empty properties already, and loads more being added to supply, all at a time when jobs are getting scarcer and all lookin very bearish going forward for property.

CLAPTON

Killerseven wrote: »

Just shows with this many empty properties already, and loads more being added to supply, all at a time when jobs are getting scarcer and all lookin very bearish going forward for property.

what evidence do you have that jobs are getting more scarce especially in London?

Killerseven

CLAPTON wrote: »

what evidence do you have that jobs are getting more scarce especially in London?

The perfect economic storm that was postponed and made worse in 2008.

lisyloo

Just shows what?

The likes of the tower (which are worth 7 figures) are empty because the rich owners don't want the place tarred by tenants.
What makes you think it's a problem that they are empty.
As others who have genuine experience have told you........the rental market moves very fast in London.
I'll add my Own anecdotal.
When I found a rental, there were 3 viewings in the first 2 hours and that was just putting a notice up at work.
We took it the next day, so about 18 hours from advertising at the office.

I am personally quite bearish at the moment, but not because wealthy owners can afford to keep their london flats empty.

Empty properties don't signify a problem.
They signify lots of people richer than me & you.

tkane

lisyloo wrote: »

They signify lots of people richer than me & you.

There was a statistic floating about a few months ago saying that 60million Chinese people had enough savings to fund a buy to let property abroad. That is equivalent to every man, child and woman living in the UK right now.

When you think about London being at the forefront of property investment, you can easily see where all this 'demand' is coming from.

Killerseven

tkane wrote: »

When you think about London being at the forefront of property investment, you can easily see where all this 'demand' is coming from.

When you think about London being at the forefront of property bubble, you can easily see where all this 'demand' will want out when it starts to pop.