First sign of house price collapse...

[DimPrawn]

WHS

Just imagine wealthy American diplomats buying tiny 3 bed room flats in former power generation station for well over $1 mln USD when they can buy a couple MANSIONS in nice parts of USA

Dimmy, dig us a nice property that one can buy for $1 mln in USA, will ya? Something in Florida.

I would be very careful to order a sofa with 3 months delivery, I certainly won't be buying a flat with delivery in 3 years

It's Laarndan 'innit, prices doubled every 12 months.

Fill yer boots!

[AtW]

This has much to do with the new American Embassy.

WHS

Just imagine wealthy American diplomats buying tiny 3 bed room flats in former power generation station for well over $1 mln USD when they can buy a couple MANSIONS in nice parts of USA

Dimmy, dig us a nice property that one can buy for $1 mln in USA, will ya? Something in Florida.

I would be very careful to order a sofa with 3 months delivery, I certainly won't be buying a flat with delivery in 3 years

[Lockhouse]

At this stage, I'm guessing that it will be mainly cash purchases.

A lot of people will be taking a punt now to sell them on as soon as they can realise a decent profit. If all the flats have sold and supply has been exhausted, then demand will push up prices.

All of this supposes that market conditions remain the same. Too risky for me.

[swamp]

This has much to do with the new American Embassy.

It's all part of the Nine Elms redevelopment: Regeneration in London | Transforming London | Nine Elms on the South Bank

The greatest transformational story at the heart of the world’s greatest city.

The area will become an ultra-modern, exciting destination in central London offering 16,000 new homes, 25,000 new jobs, new schools, parks, culture and the arts.

[Martin@AS Financial]

Boomed indeed. But wait until they can't suppress interest rates any more and it'll be DOUBLE DOOMED.

Pretty punchy in my opinion despite the fact that it would be a great place to live. The first wave of flats are not expected to be completed until 2016 but as with most new build, you are expected to exchange within 4 weeks which legally commits you to buy the property.

Lets say we have a repeat of 2008 and lenders are suddenly petrified of new build prpoperty and wont touch it with anything less than a 40-50% deposit. It will leave lots of buyers that have commited to purchase but unable to secure finance to complete. Once you have exchanged, the developer has legal recourse over you and as a minimum will take your deposit.

Furthermore, who knows where interest rates will be in 3 years time. Mortgage offers tend to last a maximum of 6 months so you really have no idea how high the rates will be you will have to choose just before completion. At this stage, I'm guessing that it will be mainly cash purchases.

[rootsnall]

Stampede for property at Battersea power station as £600MILLION worth of flats sell out in just four days | Mail Online

Not!

Stampede for property at Battersea power station as £600MILLION worth of flats sell out in just four days.

Boomed!

Boomed indeed. But wait until they can't suppress interest rates any more and it'll be DOUBLE DOOMED.

[AtW]

"Prices start from £343,000 for a studio, from £423,000 for a one-bedroom, from £613,000 for a two-bedroom and £894,000 for a three-bedroom apartment."

They are not even build yet ffs, what are they expecting prices to double by the time they are finished to sell at a profit?

[DimPrawn]

Stampede for property at Battersea power station as £600MILLION worth of flats sell out in just four days | Mail Online

Not!

Stampede for property at Battersea power station as £600MILLION worth of flats sell out in just four days.

Boomed!