"Thousands" of London flats to come to the market

buglawton

All property prices in the UK just now fell by 10%.
To foreign buyers holding $ that is.

economic

buglawton wrote: »

All property prices in the UK just now fell by 10%.
To foreign buyers holding $ that is.

It had risen about 5-6% over the last week or so as well.....

PasturesNew

The-Joker wrote: »

When benefits to rents finally do get cut back on, there will be millions of tenants who cant afford the rents, they will be forced into being squatters. They already live there and have the keys, its just after they default they are now called squatters.

If you are a tenant who doesn't pay the rent, that doesn't make you a squatter. The two are separate (legal) entities with different rights.

The tenant has the right to remain until the court process has completed and the appropriate evacuation method is executed. At all stages you are the tenant, until the moment you become "the homeless". But you're never a squatter.

A squatter has no rights and can be turfed out with immediate effect.

AG47

PasturesNew wrote: »

If you are a tenant who doesn't pay the rent, that doesn't make you a squatter. The two are separate (legal) entities with different rights.

The tenant has the right to remain until the court process has completed and the appropriate evacuation method is executed. At all stages you are the tenant, until the moment you become "the homeless". But you're never a squatter.

A squatter has no rights and can be turfed out with immediate effect.

When the numbers of people not paying rent because they can't afford it become so many, the authorities can't evict everybody. As has happened in Spain and other places.

Even if they evict them, the poor families will have no choice but to just go and squat in another empty property they find.

buglawton

Filo25 wrote: »

If as you say demand is weakening over this time, feeding through to lower prices, why would we not also see a slowdown in new building?

The UK housebuilder share sector had the heaviest falls of all this morning, typically 25% down, worse than the banks. Does that mean they already plan for the market to shrink as of this morning?

Garethgrew

buglawton wrote: »

The UK housebuilder share sector had the heaviest falls of all this morning, typically 25% down, worse than the banks. Does that mean they already plan for the market to shrink as of this morning?

It's certainly a sign of things to come

Garethgrew

The question is, will they keep building so many new properties in a falling market?

fun4everyone

Garethgrew wrote: »

The question is, will they keep building so many new properties in a falling market?

No chance and funding for ones currently about to start construction will be pulled.

buglawton

Interest rate cut is on the cards then.

Garethgrew

The pound is going down not up, this means interest rates have to back up, they can't stay down here much longer.