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High London property prices are primarily a function of demand outpacing supply, and supply having been particularly slow for a couple of decades. If property d
by mseebach 10y ago
High London property prices are primarily a function of demand outpacing supply, and supply having been particularly slow for a couple of decades. If property developers struggle to shift flats in Battersea, then that's excellent news, that means that the market for expensive flats appear to have been saturated, and that developers will begin addressing the market below this price point now.
Also, important to remember, Apple is moving their HQ, not adding a brand new location. The majority of the people working in that office already live in London, so when they moving in to pricey flats in Battersea, they're moving out of similar priced flats elsewhere. While possibly a windfall for those particular developers, the overall supply/demand situation in London won't change much.
- _9MOTHER9HORSE 10y agoThe only reason anyone is paying £1m+ for pokey two beds in Battersea is because they think a greater fool will pay more in a few years time.
- mrec 10y agoAlso, "sales" on these new developments often turn out to mean "off-plan Asian investor put down a £20k deposit which they can and will walk away from in a heartbeat if the market looks like turning, because what are you going to do about it?". In some ways they behave more like options for property speculation.
- objclxt 10y ago> The majority of the people working in that office already live in London, so when they moving in to pricey flats in Battersea, they're moving out of similar priced flats elsewhere. Most of Apple's current offices in London are based in or around Regents Street, nobody is living in apartments near there. Most people are commuting in already, so it's not a massive upheaval.