What does brexit mean for UK property?

CLAPTON

Generali wrote: »

Yup. Britain isn't a safe haven for the time being. The point of buying property in London was as a store of value. The crashing pound has wiped 12% off the value of property for Chinese investors in 2 days.

Oh well, at least CLAPTON's kids will be able to afford a house. If they can hang on to their jobs of course.

why do you snear and mock at people that can't afford a decent home?
is it because you a have a nice home yourself and don't give a damn about anyone else?
or is it because it makes you feel a bigger better person ?

cells

CLAPTON wrote: »

why do you snear and mock at people that can't afford a decent home?
is it because you a have a nice home yourself and don't give a damn about anyone else?
or is it because it makes you feel a bigger better person ?

in or out the stock of housing quality or size doesn't change all that much if anything in a recession house building and improving and extending falls.

im sure you dont expect a decline in the population just a slowing of the growth and you probably expect equal or less new homes built. given those factors how do you expect to see more people in nicer bigger homes? its simply not possible.

CLAPTON

cells wrote: »

in or out the stock of housing quality or size doesn't change all that much if anything in a recession house building and improving and extending falls.

im sure you dont expect a decline in the population just a slowing of the growth and you probably expect equal or less new homes built. given those factors how do you expect to see more people in nicer bigger homes? its simply not possible.

so in your view, life gets worse whether the population rise, falls or stays the same

cells

CLAPTON wrote: »

so in your view, life gets worse whether the population rise, falls or stays the same

that is clearly not what I said.

What I said was that the housing stock is more or less the same, in a recession arguably worse as fewer are built or improved/extended, and the population isn't going to go down. Given those two factors which even you probably accept its clear that your previous arguments of brexit leading to a mass of previously not living in nice family homes families being able to do so is just false.

If you want bigger better homes in the UK you need to upgrade the stock and build more. The idea that prices going down will lead to more people in big family homes simply does not work as there are virtually the same number of such homes irrespective f the price

ruggedtoast

House building is grinding to a halt as developers scale back on contracts. The extra runway at Heathrow or Gatwick is mothballed, a fifth of large firms are considering relocating and the tourism industry is reporting a slew of cancellations from abroad.

What have these people done?

CLAPTON

cells wrote: »

that is clearly not what I said.

What I said was that the housing stock is more or less the same, in a recession arguably worse as fewer are built or improved/extended, and the population isn't going to go down. Given those two factors which even you probably accept its clear that your previous arguments of brexit leading to a mass of previously not living in nice family homes families being able to do so is just false.

If you want bigger better homes in the UK you need to upgrade the stock and build more. The idea that prices going down will lead to more people in big family homes simply does not work as there are virtually the same number of such homes irrespective f the price

My position is that if we continue to allow the population to rise by 600k per annum or more, then the housing situation for young people in the SE and London will get steadily worse: I agree that the older richer people will see their property appreciate in price.
If immigration was limited to 10s of thousands then the housing situation would stabalise and steadily improve as the new building will increase supply faster than the increase in population.
I agree it will not be transformed overnight but it will not get worse and will then improve.
It's quite simple and obviously true.

westernpromise

Why not look at what overseas commentators from the actual countries buyers come from are actually saying about the actual effect of this on their interest in UK property?

The Straits Times:
http://www.straitstimes.com/business/property/londons-loss-may-be-asias-gain-as-property-funds-seek-safe-havens-like-singapore

London may have just shed its safe-haven property market tag with the UK's vote to break away from the European Union. That's good news for real estate markets in Asia that offer stability...."With the Brexit event, one thing is a given: that interest rates are going to remain low for a long time and that's good for the property markets," CBRE's Chin said. "We will see value emerge in the UK over time but no one deals are going to happen in a hurry."

The South China Morning Post:
http://www.scmp.com/property/international/article/1982582/wealthy-mainland-chinese-eye-bargain-homes-uk-brexit-delivers

According to a pre-Brexit poll of 411 Chinese professionals and investors conducted by Shanghai-based overseas property investment portal Juwai, 46 per cent of respondents believed there would be more demand for UK properties in the event of a Brexit, compared with 25 per cent holding the opposite view.
“Today [we] have seen some Chinese buyers make inquiries about new London projects, in the hopes that they can pick up bargains on off-the-plan units that local private buyers have abandoned back to the developer because of Brexit fears,”

westernpromise

ruggedtoast wrote: »

House building is grinding to a halt as developers scale back on contracts. The extra runway at Heathrow or Gatwick is mothballed, a fifth of large firms are considering relocating and the tourism industry is reporting a slew of cancellations from abroad.

What have these people done?

I don't think they gave that any thought at all. Literally none. They just hate immigrants. That's it. That's all.

Herzlos

the_flying_pig wrote: »

dunno really.


but if 'the city' doesn't hold onto more or less the entirety of its position as a financial centre then most of the reason for it being so much more expensive than the rest of the UK goes away, certainly.

That's my thinking, if the bankers start relocating out to the EU, then the London housing market will fall apart since demand will drop and there will be a lot of very overpriced houses on the market.

kinger101

Herzlos wrote: »

That's my thinking, if the bankers start relocating out to the EU, then the London housing market will fall apart since demand will drop and there will be a lot of very overpriced houses on the market.

If you're an overseas buyer, London property just got significantly cheaper.

I don't think banks are going anywhere yet, as "out" may well very much look like "in" in the end. If they go anywhere, it might be in an independent Scotland that's part of the EU.