House Price Crash!

[vetran]

Not true. London was driven by foreigners looking to maintain their wealth. They're are now leaving for they know the UK is in trouble.

any proof?

It seems house sales are falling people are probably avoiding large transactions this close to Brexit.

Also the raise in the interest rates may have given buyers pause.

If all foreign investors were liquidating then sales would be rising.

[scooterscot]

yes - The Millionaires Are Fleeing. Maybe You Should, Too. - there's many articles out there. You just have to read something that is not the daily wail. Foxtons and other up market estates agents showing the same data.

Britain and France appeared to be trading places as magnets for wealth. For decades the rich had been drawn to Britain by circumspect banks, loose regulations and the comforts of London. Until 2016, Britain had a sizable influx of millionaires every year, but the flow suddenly reversed last year with a net exodus of 3,000, amid fears that as Britain exits the European Union, London will fade as a financial capital. It did not help that in 2017 the government raised taxes on foreigners who buy property.

If Brexit is so wonderful why are people avoiding large transactions? Surely if the UK is to become Switzerland Mk II we should be filling our boots before prices really do take off.

PS: Interest rates have not risen. 2%, that's a rise. 0.25% is a rounding error. If that's got people concerned the economy is really fooked.

[Pat Phelan]

Even Petra Ecclestone thinks it is safer to live in LA of all places to London!
https://www.thesun.co.uk/news/699925...helsea-for-la/

[GreenMirror]

any proof?

It seems house sales are falling people are probably avoiding large transactions this close to Brexit.

Also the raise in the interest rates may have given buyers pause.

If all foreign investors were liquidating then sales would be rising.

It may be too early to see if intention to liquidate is being seen in sales data. Are there more properties on the market?

[scooterscot]

It may be too early to see if intention to liquidate is being seen in sales data. Are there more properties on the market?

That would be focusing on the result. Instead look at property transactions. They are way down. UK Gov own records show it to be the case:

https://assets.publishing.service.go...2018__cir_.pdf

movers and shakers act, everyone else reacts.

[vetran]

yes - The Millionaires Are Fleeing. Maybe You Should, Too. - there's many articles out there. You just have to read something that is not the daily wail. Foxtons and other up market estates agents showing the same data.



If Brexit is so wonderful why are people avoiding large transactions? Surely if the UK is to become Switzerland Mk II we should be filling our boots before prices really do take off.

PS: Interest rates have not risen. 2%, that's a rise. 0.25% is a rounding error. If that's got people concerned the economy is really fooked.

Well that is 3000 multi million pound houses maybe being sold , so of course house prices are going into free fall .
It may not be a property sale that is only part of the data, it may be Brexit but it may be the rises in tax or more concentration on tax havens that mean those with money are leaving a high tax economy.

In a global population of 15 million people each worth more than $1 million in net assets, nearly 100,000 changed their country of residence last year.

shockingly France seems to be suffering from Brexit too! Net outflow 33% higher than ours.

France had long been seen as the anti-Britain, a left-leaning bastion of prying bureaucrats and high taxes that scared off the wealthy, despite the charms of Paris. But the growing exodus of millionaires peaked in 2016 with a net outflow of 12,000, then slowed sharply to just 4,000 last year.

while 0.25% is nothing to high earners its quite a lot to the bottom end who are struggling to fund a house.

[sasguru]

movers and shakers act, everyone else reacts.

Indeed

I fully expect a sterling crisis next year too.

[sasguru]

shockingly France seems to be suffering from Brexit too! Net outflow 33% higher than ours.

.

The UK used to have a net inflow of rich people, now it's an outflow.
It's obvious why really, the future is going to be bleak.

[LondonManc]

yes - The Millionaires Are Fleeing. Maybe You Should, Too. - there's many articles out there. You just have to read something that is not the daily wail. Foxtons and other up market estates agents showing the same data.



If Brexit is so wonderful why are people avoiding large transactions? Surely if the UK is to become Switzerland Mk II we should be filling our boots before prices really do take off.

PS: Interest rates have not risen. 2%, that's a rise. 0.25% is a rounding error. If that's got people concerned the economy is really fooked.

It's nothing to do with house prices; we've wanted you to f*** off for years. HTHBIDI

[Zigenare]

The UK used to have a net inflow of rich people, now it's an outflow.
It's obvious why really, the future is going to be bleak.

As long as you're not over here - the future's bright!