How far will house prices fall [volume 5]

[156651]

s1962a said:

Yes, this is probably true, but there are also a lot of people who have been waiting, and post Brexit seems like a good catalyst to start looking. I've seen some market activity in my part of London, so lets see if that transpires into actual sales.

We are hoping to exchange on a sub 500k house in London Z4 this week, we had to offer over to secure, offered over on a house before this one too and lost it. Seems that at least in this bracket things are still moving.

[housen]

matrignano said:

okgo said:

There isn't one?

I guess flats, but even then, you're not buying in central London for that...

That's pretty much what I'm buying as we speak.
2 beds in Earls Court for 930k (leasehold)

re this 800/1mm flat market in central london

the buyers you think are mainly bankers ?

[z4RRSchris]

housen said:

re this 800/1mm flat market in central london

the buyers you think are mainly bankers ?

no.. students.

[lemmingjames]

z4RRSchris said:

no.. students.

from the northern powerhouses of the UK?

[okgo]

lemmingjames said:

from the northern powerhouses of the UK?

My neighbour put his flat on the market for what looked like a lot over market, £2300 for a two bed flat in SW2, and it was taken straight away by two Chinese students. Mad.

[lemmingjames]

im guessing theres a decimal point or some zero's missing from that prices or is it insider thread lingo that casuals wont get?

but yes, thats what i was alluding to, non-doms still buying

[okgo]

lemmingjames said:

im guessing theres a decimal point or some zero's missing from that prices or is it insider thread lingo that casuals wont get?

but yes, thats what i was alluding to, non-doms still buying

rental, per month. Point being, stupid money for what the place was, ponied up straight away by foreign students.

[z4RRSchris]

the new build flat market is basically all overseas students. crazy month but they got it.

there are two chinese lads living in one of our places, both students, a 488 and a G Wagon downstairs, £3k a week rent.

[housen]

z4RRSchris said:

the new build flat market is basically all overseas students. crazy month but they got it.

there are two chinese lads living in one of our places, both students, a 488 and a G Wagon downstairs, £3k a week rent.

how big is flat ?

did you advertise somewhere in asia for these people ?

[ben5575]

housen said:

how big is flat ?

did you advertise somewhere in asia for these people ?

Open an account with Bank of China.

If you sweet talk them, they'll add your property details into the welcome pack the students receive when they land in the country for the first time . That's how we used to fill all of our student apartments. Sadly not at £3k/week though!

[Shnozz]

z4RRSchris said:

the new build flat market is basically all overseas students. crazy month but they got it.

there are two chinese lads living in one of our places, both students, a 488 and a G Wagon downstairs, £3k a week rent.

Not too dissimilar even in the Northern wastelands of Leeds. Exclusive apartments being sold/rented to Chinese and Middle Eastern students. One of my neighbours has shipped over his Range Rover on DXB plates. Plenty of apartments now being refurbed clearly with the foreign students in mind at prices twice that of comparable apartments. Plenty of foreign registered cars around (think B list compared to London but you get the idea). High end coffee shops packed out, restaurants to cater etc etc.

My other half is a lecturer at the university and both Leeds Uni and Leeds Met are welcoming the foreign students as much as they can with the fees they attract. A friend of mine works at the uni also and regularly visits the Far East on campaigns to sell the uni - their biggest source of income.

[lemmingjames]

Rumour had it that Coventry uni was charging 30k a year for chinese students doing automotive car design.

In which there was around 100 Chinese students in the 'class'.

I thought Manchester was the next big China investment or is that old hat now?

[z4RRSchris]

housen said:

how big is flat ?

did you advertise somewhere in asia for these people ?

not that big, 2000sqft 2 bed. view is decent though.

we dont do rentals, but the owner just let it via savills / cbre

[NickCQ]

z4RRSchris said:

not that big, 2000sqft 2 bed

Must be huge rooms if only 2 beds in 2k sqft?

[ooid]

I used to have students from Middle east, doing undergrad here. Most parents used to buy them a 1 or 2 bed flats that needed a bit TLC but mostly central London. By the time they finish their studies, after 4-5 years and doing a bit of refurbishing work in the property, they would go back home. Some sold it with big profits, some kept it as a rental investment. I remember one of these chaps sold it, he mentioned that the profit of the property nearly paid all his student fees here at the end... Smart money

[z4RRSchris]

NickCQ said:

Must be huge rooms if only 2 beds in 2k sqft?

£6m quid luxury flat, so yeh big rooms.

[housen]

z4RRSchris said:

NickCQ said:

Must be huge rooms if only 2 beds in 2k sqft?

£6m quid luxury flat, so yeh big rooms.

2.6% yield correction yes

sounds like 3k per week is actually on the money ...so hardly a boast

Edited by housen on Wednesday 19th February 09:22

Edited by housen on Wednesday 19th February 10:27

[gibbon]

housen said:

0.02% yield

sounds like 3k per week is cheap

No its not, its 2.6% yield.

[alfaman]

housen said:

0.02% yield

sounds like 3k per week is cheap

I'd be happy paying 0.02% LOL. ..that would be less than 25 quid a week for that

[Shnozz]

Housen - don't you work in finance!?!