London house price bubble pops!

[Mega]

It had to happen!
http://www.estateagenttoday.co.uk/ne...ours-of-Budget

An avalanche starts i think (long over due) Eat SH1T & DIE LIMEY SCUM !!!!!
Mike

[Adeptus]

Re: London house price bubble pops!

Actually, I think in the long term this is a good thing for people living in London. It will curb a bit foreign $$ driving up real estate costs for locals.

They need to do something like this in Vancouver and Toronto in Canada. Just a few days ago, some student in China paid $421,000 above asking price for a property in Toronto. Surely, this "student" had rich parents.
Offshore bids price Canadians out of housing market

Of course this is an extreme example, but I think rich asians driving up costs of housing in Vancouver has something to do with the bubble that is about to POP in Canada probably sooner than later.

[ProdigyofZen]

Re: London house price bubble pops!

Adeptus, the problem is that one of the main things propping up the UK economy is Middle Eastern and Russian capital. If that were to reverse, it would have bad consequences for the UK on top of everything else. I would venture to say that most of that capital goes into housing.

[Adeptus]

Re: London house price bubble pops!

Adeptus, the problem is that one of the main things propping up the UK economy is Middle Eastern and Russian capital. If that were to reverse, it would have bad consequences for the UK on top of everything else. I would venture to say that most of that capital goes into housing.

Funny, I would had ventured to guess (cuz I don't really know) that most of that money goes into London's Wall St, although I do recall reading a couple of years ago about the rampant speculation of real estate in london due to very rich foreigners buying up expensive properties.

[touchring]

Re: London house price bubble pops!

Actually, I think in the long term this is a good thing for people living in London. It will curb a bit foreign $$ driving up real estate costs for locals.

They need to do something like this in Vancouver and Toronto in Canada. Just a few days ago, some student in China paid $421,000 above asking price for a property in Toronto. Surely, this "student" had rich parents.
Offshore bids price Canadians out of housing market

Of course this is an extreme example, but I think rich asians driving up costs of housing in Vancouver has something to do with the bubble that is about to POP in Canada probably sooner than later.

To think that Canadian banks are the most highly rated financial institutions in the world. Reminiscent of pre-2007 Irish banks.

[GRG55]

Re: London house price bubble pops!

Funny, I would had ventured to guess (cuz I don't really know) that most of that money goes into London's Wall St, although I do recall reading a couple of years ago about the rampant speculation of real estate in london due to very rich foreigners buying up expensive properties.

These days the investment bankers come to you. There is no need to move your money to London, and risk having your accounts tangled up in the next EU sponsored disclosure jihad.

The reason London real estate appeals is that it is seen as a secure. tangible investment in a politically stable (more stable than where the money originates) country that respects property rights (again, to a degree that far exceeds where the money originates). African kleptocrats, Russian oiligarchs, Arab sheikhs, Chinese real estate developers...it doesn't matter. London property will appeal for a long time to come.