Property DOOM

[AtW]

Jitters in London luxury flat market as investors sell for 'bargain' prices

"The first real signs of distress in the market for luxury London apartments are starting to emerge, as investors who agreed to buy homes off-plan are starting to sell them on for less than they agreed to pay for them.

Property websites are now advertising many unfinished flats being offered for sale by the buyers who originally agreed deals with the developers.

Estate agents and developers are generally coy about how much sellers were expecting to pay on completion, but some listings reveal that people are selling at or below the original purchase price, hoping the “bargain” price might pull in a new buyer.

This week, estate agent LondonDom.com was advertising several properties in central London for less than the original price charged by the developer. These included a three-bedroom apartment in the Battersea Riverlight development being marketed at a guide price of £1,890,000. The listing for the flat, which will not be ready to move into until 2017, described the sale as a “Hot EXCLUSIVE deal – now asking less than the original purchase price from the developer in 2013.” The listing has now been changed to describe it as “well priced”."

Source: https://www.theguardian.com/society/...bargain-prices

All luxury flats are DOOMED!!! All apart ones located in Bham...

[BrilloPad]

The London property market is a Ponzi scheme.

But it keeps the UK economy going.

A fall in LOndon property prices is a bigger threat than Brexit.

Which is why the government will prop it up.

[GB9]

Jitters in Birmingham luxury flat market as investors sell for 'bargain' prices

"The first real signs of distress in the market for luxury Birmingham apartments are starting to emerge, as investors who agreed to buy homes off-plan are starting to sell them on for less than they agreed to pay for them.

Property websites are now advertising many unfinished flats being offered for sale by the buyers who originally agreed deals with the developers.

Estate agents and developers are generally coy about how much sellers were expecting to pay on completion, but some listings reveal that people are selling at or below the original purchase price, hoping the “bargain” price might pull in a new buyer.

This week, estate agent BirminghamDom.com was advertising several properties in central Birmingham for less than the original price charged by the developer. These included a three-bedroom apartment in the Bullring Riverlight development being marketed at a guide price of £1,890. The listing for the flat, which will not be ready to move into until 2017, described the sale as a “Hot EXCLUSIVE deal – now asking less than the original purchase price from the developer in 2013.” The listing has now been changed to describe it as “well priced”."

Source: https://www.theguardian.com/society/...bargain-prices

All luxury flats are DOOMED!!! All apart ones located in Barnsley...

FTFY

[blackeye]

Nothing will happen to the London property market. Too much interest in it from around the world, too much vested interest from the highest ranks in society (business and government).

If you thought the Banks were too big to fail, well the property market is even more important.

I'm not saying this as a biased 'investor', but as a want-to-be FTB that cannot afford anything I want. Even with a contractor income.

[RetSet]

Pound Cost Averaging.

Increased yield for landlords.

Happy Days!

[alreadypacked]

I thought if you wanted to buy something off plans you had to put down a deposit. You pull out you lose your deposit. Builder can knock that amount off the price next person gets a discount, builder get full amount. Nothing to see here, just another round of PR for the London property market.

[AtW]

I thought if you wanted to buy something off plans you had to put down a deposit. You pull out you lose your deposit. Builder can knock that amount off the price next person gets a discount, builder get full amount. Nothing to see here, just another round of PR for the London property market.

It can be even better - back in 2009 when property flats proper collapsed here in Bhan property developer sued people who put up deposits to make them pay full amount they agreed to and developer won in court