A newspaper article claims that Rightmove and Zoopla are “awash” with what it calls “the unofficial resales of flats in developments including Battersea Power Station and Nine Elms’ Embassy Gardens.
The Sunday Times says the increased stamp duty on most apartments priced over £937,000, jitters in inernational stock markets and the strengthening of Sterling against the currencies of some countries have combined “to dampen the appetite of Asian investors, whose off-plan purchases were essential to bank-rolling big projects.”
The article cites Charlie Ellingworth of the buying agency Property Vision as saying that some new developments in prime London locations are simply “buildings packed in cheek-by-jowl” - he suggests some may have difficulty holding their value.
LonRes is also quoted as saying that 28 per cent of currently-unsold properties in London’s SW8 postcode - which covers Nine Elms - have been on sale for a year or more.
The article claims “websites such as Rightmove and Zoopla are awash with unofficial resales of flats in developments” in prime locations.
Yesterday Estate Agent Today reported a study by Marylebone agency Kay & Co, claiming the construction of thousands of top end flats across prime central London, many of them with hotel-style services.
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The race to the bottom began a year ago, as this article mentioned.
The next race to the bottom will be the landlords who bought them - all fighting over tenants for what most will be almost certainly be the same type of property at ever reducing rents.
This also depresses values of property in the surrounding areas.
Tenants! Grab your bargains and stop whinging about rising rents. Its now your turn!
Que Song: ''The Circle of Life''
Yep. A pretty depressing state of affairs all round, which means the rather more upbeat song you've chosen doesn't really seem that appropriate!
What goes up must come down they say and Iet`s hope it is true in the case of house prices. A roof over the head of families, should never be looked upon as an investment.
I cannot wait for a crash to come. Bring it on.
Let hope sensible house and flat prices return. Homes are to live in not to be foreign money cash boxes especially when there is a housing shortage.
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