Reply to: Mini property boom is over

[Mich the Tester]

Oh my, you're not suggesting that they talk the market up and down for their own benefit are you?

That would be a terrible thing to say...

It would be terrible wouldn't it? I shall slap myself on my wrist for being so presumptuous.

Next time I'll just slag them off for being overpaid glorified snake oil merchants whose predictions are no more scientific than those of Paul the Octopus. Of course, Paul the Octopus can´t really be blamed for being a rip off merchant as he´s, well, an octopus and doesn´t know any better.

[Lockhouse]

I sold my BTL last week. Now is definitely not the right time to buy.

[SupremeSpod]

I think 'market analysts' have produced more than enough bull lately.

Oh my, you're not suggesting that they talk the market up and down for their own benefit are you?

That would be a terrible thing to say...

[Mich the Tester]

This was the bull-trap phase of the bubble.

I think 'market analysts' have produced more than enough bull lately.

[markinbrussels]

This was the bull-trap phase of the bubble.

Now it's when prices will really plummet.

http://www.marketoracle.co.uk/Article9372.html

[Mich the Tester]

I'm worried. I always seem to end up with half a biscuit floating in my tea.

That's why you get a spoon with a cuppa.

[HairyArsedBloke]

Something occurred to me the other week when the iDave was in India saying how much it was the future saviour of Britain and all that.

If Asia, Eastern Europe, Russia and all these dodgy places are the future then why do all those guys from there that make a mint go and buy assets in the West such as London property, football teams, car makers, etc? What is wrong with investing in their own region?

[doodab]

I'm worried. I always seem to end up with half a biscuit floating in my tea.

[Mich the Tester]

The Royal Institution of Chartered Surveyors said “increased uncertainty” about the economic outlook was making home buyers more cautious.

In other words, the Royal Society of Idiots have just increased 'uncertainty' a little bit more by yapping on about 'increased uncertainty'.

Really, all this 'double-dip' talk is becoming a self fulfilling prophecy.

Oops, sorry, I might not have helped there.

[sasguru]

Why you are even remotely interested in the property market AtW I fail to see - your next move seems to be downsizing your rented bedsit

[sunnysan]

No So....

Its just that the average slop in the UK cant afford it and Russians and Arabs are buying up West London by the postcode

London is not for the English its for the rich.


London house prices: Still buoyant | The Economist

Still buoyant
A simple lesson in supply and demand

Aug 5th 2010

IF YOU hear a Russian voice this summer in the lobby of a smart London hotel, its owner is unlikely to be on holiday. Chances are he is there for a property deal, leaving his family on the yacht in Sochi or St Tropez, says Edward Mermelstein, an American property lawyer.
The demand for prime London residences has greatly outstripped supply since January 2009, except for a brief period last summer (see chart), when presumably the Russians were otherwise engaged. Cheap sterling and low interest rates brought buyers piling into the market, bidding up prices. In the past 13 months Knight Frank (KF), a London-based estate agency, has sold 15 properties in swish Belgravia for over £10m apiece, most of them to foreign buyers, says Stuart Bailey, who heads the firm’s office there.
Purchasers of “super-prime” London properties at the moment are mainly from resource-rich Russia or Kazakhstan, followed by the United Arab Emirates, he adds. At this level even sterling’s recent strengthening against the dollar is no deterrent. Properties for sale are scarce, partly because refurbishing prime properties came to a temporary halt after the financial shock of September 2008.
A snip at £10m?
Supply tends to be managed, in fact, since sellers of residences with asking prices of more than £10m can usually hang on if they want. That seems to have been happening since March, after asking prices rose too much and turned off buyers. Since May there has been a slight cooling of prices.
Even so, Mr Mermelstein reckons prime residences are at least 50% dearer in London than in Manhattan, though America seems further on the road to economic recovery. He thinks this is mainly because London is closer for the mega-rich east of Europe.
Average London house prices are also proving surprisingly resilient. They are more than double the national average, after rising by 12.2% in the year to June while the rest rose by 8.4%, according to the Land Registry. Part of that gain comes from the pressure on prices in boroughs near the east London site of the 2012 Olympic games, which have increased by 25.7% since London won the mandate in July 2005. The London market looks likely to defy gravity for a while longer.

[Bagpuss]

Increasing immigration and Supply and demand=house prices will continue to rise forever CUK tm 2005


You know who you are

[AtW]

So, by my reckoning, my one bedroom flat in South Ken must be worth at least £2 million, or soon will be.

Quiet.

And bread of loaf will cost a wheelbarrow full of GBP notes.

[OwlHoot]

Mini property boom is over

Is it flip - Not two miles from where I live, a penthouse flat just sold for £140 million

So, by my reckoning, my one bedroom flat in South Ken must be worth at least £2 million, or soon will be.

[scooterscot]

nonsense

Move2 looking positively towards a brighter future.

© s1now
Originally published: 10.08.2010
Amid rocketing recent sales figures, Move2 estate agents is emerging from the darkness of the recent housing market crash and global economic crisis and is looking positively towards a brighter future.

The Saltcoats-based firm - who have had to recruit more staff recently to cope with current demand and maintain their high levels of customer service - have experienced, in the last three months alone, sales figures climbing dramatically, reaching a staggering £3 million total.

Several properties sold by Move2 in the recent boom had been on the market for over a year, some for around three months and others only for a matter of days.

Managing Director, Peter Kean regards these developments as solid and cogent evidence that the housing market is, indeed, finally picking up. He said: "House prices did indeed drop during the first part of the year mainly due to the recession and the large number of repossessed properties being sold.

"I have been in the property business for more than 12 years. My staff and I have remained not only optimistic but resilient during the difficult times. North Ayrshire is an exciting place to be just now with the regeneration projects in most of our areas. I know that we have now turned a corner and can move forward positively."

The Saltcoats firm have been in the town now for almost a decade and, like every other estate agent across the UK and beyond, found themselves forced to implement new strategies to maintain high standards when the housing market crashed in 2008 and 2009. Now advertising their properties on s1homes.com the firm have managed to widen the scope for those selling and have adopted a new approach to discussions with potential buyers that sees them conducting highly informed dialogues. Their new approaches have allowed them to cultivate excellent relationships with both buyers and sellers alike.

Move2 looking positively towards a brighter future. - Scottish property news from s1homes.com