Monday, 18 December 2017

Prices down 25% in Prime London and activity down 70%

Prices down 25% in Prime London and activity down 70%. Prices are still ridiculous though. 

There is a myth of 'all cash' buyers. But having worked in a private bank I can say many prime properties are mortgaged, at least up to a few million, maybe the £5m plus are mostly cash buyers. If you look at CML postcode data mortgage debt in prime areas is up 20-25% in the last 5 years or so, whereas in the West Midlands town I grew up in its actually flat to down despite a lot of houses having been built.

If this guy ends up in No 11 better swap the two up two down in West London for somewhere in the industrial belt.  

https://www.estateagenttoday.co.uk/breaking-news/2017/12/prime-london-prices-down-25-sellers-outnumber-buyers-10-to-1
 Image result for john mcdonnell labour gif

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