DOOM: London has Fallen Flat

[AtW]

“London flats prices collapse 16pc as demand shifts to suburbs

Only 60pc of central London sales were flats in final months of 2020, the lowest share since 2007

From surveying the many house price indices, it may seem that there is a property market boom across the country. But the effects of the pandemic have hit London’s market hard, in particular demand for flats.

A new desire for more space after lockdown, combined with panicking landlords selling up and travel restrictions shutting out international buyers, has created a toxic cocktail for those trying to find a buyer for their flat. As a result, they have had to slash their prices as demand has crumbled and their properties languished on the market amid soaring supply.

In January, asking prices for inner and outer London flats were down 16.2pc and 6.7pc respectively compared to May 2020, according to data company TwentyCi. But prices for houses in London’s outer reaches were up 4pc.”

https://www.telegraph.co.uk/property...hifts-suburbs/

Bham is about to become the new capital where capital (invested in luxury flats over kebab shops) is safe.

I hear ladymuck was trying to get two references necessary to move in...

[Whorty]

“London flats prices collapse 16pc as demand shifts to suburbs

Only 60pc of central London sales were flats in final months of 2020, the lowest share since 2007

From surveying the many house price indices, it may seem that there is a property market boom across the country. But the effects of the pandemic have hit London’s market hard, in particular demand for flats.

A new desire for more space after lockdown, combined with panicking landlords selling up and travel restrictions shutting out international buyers, has created a toxic cocktail for those trying to find a buyer for their flat. As a result, they have had to slash their prices as demand has crumbled and their properties languished on the market amid soaring supply.

In January, asking prices for inner and outer London flats were down 16.2pc and 6.7pc respectively compared to May 2020, according to data company TwentyCi. But prices for houses in London’s outer reaches were up 4pc.”

https://www.telegraph.co.uk/property...hifts-suburbs/

Bham is about to become the new capital where capital (invested in luxury flats over kebab shops) is safe.

I hear ladymuck was trying to get two references necessary to move in...

It's one, although to be honest not the major one, reason I didn't buy back in London and went for Solihull instead. I think the London flat market has a lot more movement in it yet but we know where it's going to land. Went for a safer option of the green streets of Solihull (Knowle/Dorridge to be precise).

Good flats in London will always sell well, but there is a lot of dross on the market. Add to that the fear and uncertainty around cladding and there are a lot of people holding some pretty big losses down there.

[ladymuck]

It's still too expensive. This is a mere blip. The more hardy property owners will sit it out.

[PCTNN]

It's good news that the flat prices are going down. Much more affordable prices for all the IT workers entering the country on a 25k salary.