United Kingdom - Real Estate

[behappyalways]

London and Hong Kong Facing Housing Bubble Risk, UBS Says
http://www.bloomberg.com/news/articles/ ... k-ubs-says

[winston]

Belgravia Mansion Sales Slump as Russians Vanish From London

by Neil Callanan

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... rom-london

[behappyalways]

Supply of homes for sale plummets to 'lowest since 1970s', warns Nationwide
http://www.telegraph.co.uk/finance/prop ... nwide.html

[winston]

London Real Estate: Why Now Is the Time to Buy

Now is the best time to buy that coveted British pad.

By RICHARD C. MORAIS

Source: Barron's

http://www.barrons.com/articles/london- ... jemb_mag_h

[behappyalways]

Dame Kate highlighted figures showing that there was now a housing shortfall of around 1m homes, and there had been an undersupply of around 90,000 homes a year in England for some time.


England cannot build the 300,000 homes a year it needs, warns Dame Kate Barker
http://www.telegraph.co.uk/finance/news ... arker.html

[winston]

London Luxury-Home Pipeline Would Cover Hyde Park Twice

by Jack Sidders

The record number of luxury homes planned in London, equivalent to more than double the size of the city’s Hyde Park, is raising the prospect that developers may be forced to turn some projects into offices as demand falls, according to consulting firm Arcadis NV.

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... park-twice

[winston]

Real estate woes run deeper than Brexit, signalling UK slowdown

WHILE some investors have been quick to blame next week’s Brexit vote for the slowdown in UK commercial property sales, there are growing signs the market will stall, whatever the outcome of the referendum.

Investors spent £16.9bil (RM99bil) on offices, stores, warehouses and other commercial properties from January through May this year, according to Real Capital Analytics Inc data.

That’s down from a record £33bil in the same period last year and ends three years of rising sales.

Source: Bloomberg

http://www.thestar.com.my/business/busi ... -slowdown/

[winston]

Property buyers’ fears on British vote

Source: The Star

http://www.thestar.com.my/business/busi ... tish-vote/

[winston]

Flat buyers smell scam in UK projects

by Dominique Nguy

As more Hong Kong people are investing in overseas properties, there could be risks involved - even if the projects are located in developed countries like Britain.

A group of 60 buyers protested at Wan Chai police headquarters at the weekend to demand cooperation with British police, to investigate a potential scam involving unfinished presale overseas properties in Bradford and Manchester.

An estimated 200 locals had bought presale flats at five projects in Bradford and Manchester, being built by a British developer - Absolute Living Development - in 2014. One of the projects was called Olicana House. The purchases were made through a local agency known as Hong Kong Homes.

Some projects were supposed to be completed in the second half of 2015. However, Absolute Living Development was wound up in February, and representatives of the projects disappeared. Some buyers visited a construction site and discovered there was no building there.

After the developer folded, the real estate agency suggested buyers make the remaining payments to "save" the project. The buyers then found out the developer transferred 85 percent of the proceeds to a creditor, and some people were board members of both companies. The buyers suspected a scam.

Lawmaker James To Kun-sun said about 200 to 500 buyers were involved and had either paid in full or a 50 percent deposit.

To estimated each buyer stood to lose around HK$500,000, with the total sum possibly reaching HK$150 million.

One of the buyers said agents told them in 2014 the rental return was guaranteed to be 8 percent for the first four to five years after completion.

The buyer further alleged the developer arranged for lawyers from Britain to explain property deeds, and he believed in Britain¡¦s legal system. However, To said there are no laws to supervise the sale of overseas properties in Hong Kong.

David Hui, sales director of Centaline Property project department (China & Overseas), said buyers need to be wary of developers launching presale projects for the first time.

Police said 24 complaints were received involving HK$8.38 million on Saturday. The case will be followed up by the Commercial Crime Bureau.

Source: The Standard

[winston]

Foreign investors eye UK property after Brexit fallout

In the wake of the Brexit vote, international consultancy KPMG has forecast house prices could fall five per cent nationwide and even more in the capital.

Property consultancy Jones Lang LaSalle (JLL) said capital value adjustment could be down up to 10 per cent in the next two years.

Source: AFP

http://economictimes.indiatimes.com/art ... aign=cppst