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A rather thin and sensationalistic piece. While everyone would love for property prices to crash, share prices to collapse and everything to become miraculously
by ilikerashers 9y ago
A rather thin and sensationalistic piece. While everyone would love for property prices to crash, share prices to collapse and everything to become miraculously cheap again, nothing mentioned hints at this.
Oil prices? Might have driven the run up in properties in Mayfair but are all these owners suddenly going to hit the market to sell as they desperately need cash? I don't think these buyers are particularly hard up.
Similarly, the 8k debt figure is across the UK. Not really relevant to those spending £1 million+ in central London.
Yeap, it's depressing for buyers in London, SF and NY. Either figure out how to make a high salary or don't try climbing that ladder!
- cm2187 9y agoThere is certainly a significant slowdown and a tsunami of stock of new built luxury towers coming to the market. Just in canary wharf you have perhaps 10 residential sky-crappers in construction now. They started slashing the asking price but I don't even know if all of them will be completed. While rates are low, sellers can abstain from selling which is what I understand is happening now, transactions have dried out. But rates are on the way up and people will be forced to sell (relocation, divorce, family expanding, inheritance, etc).
- HenryBemis 9y agoIn a non-violent conotation (think of it as economic/financial warfare) I will just paste the Rules of Acquisition #34 and #35 34. War is good for business. 35. Peace is good for business. In an economic warfare like this, opportunities will arise. As long as the key players are not the same who brought this disaster, it has a better chance of building something sustainable.