How much more absurd can the UK property bubble get?

>How much more absurd can the UK property bubble get?

I heard someone talking about how they got a "deal" on a studio flat in London of £285k. Some studios in London go over £350k easily.

*Some* studios in London go for over £600k. I've seen some in the City of London itself (I expect most people know this; but if not, that's the primary finance district in the core of London) for £650k; and these are unusually small studios as well. They make typical Manhattan apartments look large by comparison.

There are 1-beds on the market for over £1m.

£1,100 - £1,400 per month, usually

e.g. a 421 square ft unit here for £695,000 (plus stamp duty land tax, which is not inconsiderable in the UK) rightmove.co.uk/property-for-sale/property-57377848.html

considering new developments are still 10 years away + uk population is predicted to go up 12-15% and be the most dense (iq and volume) in the Eu

This will get vastly worse in the short/mid term. If you own rentals you are set for life.

Thats pretty insane. People complain that a ~100m2 apartment in Copenhagen near city center is ~0.6M euros.

How much of the property is bought by people from outside of england?

Don't forget about digging in the ground to make them glorious basements.

London, Manchester and other cities are starting to be bought up for Chinese speculation.

Housing market crash imminent.
I HOPE

that's literally nothing. take a look at Canada , crack shacks are going for 4 million

My grandfather owned a posh house in cheltenham in the early 70's, he bought it for £2000

the place sold last week for just over a million

fuck you gramps you shoulda stayed in that house

If they keep flooding you with immigrants popping out 5 kids each why can't they just keep charging obscene rates forever?

They'd only have to cut people a deal if there was a sharply declining population where competition for housing or work isn't extreme anymore.

Looks comfy and you just know people will buy it

One went for a million over asking in Toronto last week.

I would rather have this "bargain" 880sqft loft in San Francisco for $725,000

sf.curbed.com/2017/1/5/14180108/soma-loft-homes-house-sf

We just put an offer in for a freehold house on a hectare. Wish us luck lads

That's pretty good, in Geneva where I live you could maybe buy yourself a 30m2 studio in a shitty building from the 60's in a shitty part of town for that price, that is if you are lucky enough to find one for sale.

Spanish house bubble will repeat in United Kingdom. How much would cost that house in 2010? Normally a x4 or x5 price would be a signal to sell all you have because prices are near to fall.

honest question, what happens to the normal people who bought properties 10-20 years ago regarding taxes? i assume they would have to sell if they can't afford to pay, so they got pushed away from the massive gains?

>starting to be bought up
It's no secret that Saudi Arabia own most of residential London

It's been this way for a decade and the government will not step in, not for China, not anyone

A bubble is only a bubble if the properties are actually overvalued. If the average person who lives in that place makes enough extra income by moving closer to London, the property is worth that ridiculous price.

Not saying the place isn't overvalued, but I wouldn't go as far as to call it a bubble.

get ready for your bubble to burst bud

strap up tight, I hope your savings are insured.

except you forget that Brexit is gonna happen, and one of the reasons that things were so expensive there is because of the influx of people and services thanks to a free market.

Your goof is really goofy.

That would cost you about £75000 in the North of England, As long as its not right outside the Manchester City Centre or something

There is a greenbelt around London that you can't build on, meaning there's limited space in the city

en.wikipedia.org/wiki/California_Proposition_13_(1978)

en.wikipedia.org/wiki/California_Proposition_60_(1986)

TLDR: Baby Boomers pay very little property tax in California.

Wait, Prop 13 has an age restriction?
Hold on, I must call my tax lawyer.

I've got relatives who used to own a nice place in sandbanks and they got bored and moved out to Spain in the 70s. Mistake of a lifetime.

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Honestly mate, is it that important to live in London? I live in an area with great schools, tons of high paying jobs in the finance, chemical and pharmaceutical industries, and I literally own two houses that I paid a out $190,000 total for. Granted I live in America so I have the added burden of being able to buy lots of guns and drive fuel inefficient trucks filled with cheap gas, but at least we still speak English. Just fake a posh acent and get one of our shanks to marry you, cheap homes all over as long as you don't pick a global meme city.

This is /biz right? Supply and demand.

You can live in shit parts of London for less, or live further away. I lived in a boat outside of London for £30k then moved an hour north for £200k. I'm a freelancer so I only have to be in London 1-2 times a month.

If someone will pay it, someone will sell it. You can live in Carlisle for £50k in a nice house as well.

wat happen in 1995

This.

It isn't a bubble if people are willing to buy.

Supply & Demand. It is your fault you cannot afford and are poor.

I think the real issue here is the MASSIVELY regulated house rental market. If potential landlords have to jump through hoops to build new property, maintain current property, and even sell currently owned property they'll look elsewhere. When they look elsewhere you have many people who already have found their apartment and hold on to it for dear life rather than looking for better opportunities in the same market (extreme artificial scarcity). This leads to less houses available for rent and the ones available (provided there is no rent control) have mile long waiting lists and tend to be very expensive.

Agreed bubbles typically are caused by over-investment. In these particular instances it appears they are most likely the exact opposite.

boo hoo

cry some more bitch nigga

>(everyone blames Chinese but the reality is that its the boomers

Yeah nah mate 2 trillion chinese dollarydoos invested in realestaet in Australia, Canada, etc has nothing to do with prices rising... you fucking muppet.

antimoneylaunderinglaw.com/2017/01/qa-on-the-2-trillion-in-proceeds-of-corruption-removed-from-china-and-taken-to-us-australia-canada-and-netherlands.html

Hahahaha
Fucking kek
One fucking space hahahahaha

Canada prices are unbelievably stupid, at least prices in Paris and London despite being ridiculous are still somewhat justified by the limited space and the fact that they are historical nevralgic centers of Europe but Canada is a fucking desert.

>1996
>elect blair
>immigrants come

australian dollars aren't pounds mate.

a lot like that with building permission in london zone 1-2 would be a million pounds or more.

Income goes up while property stays the same or goes down.

Ratios usually are numerator or denominator driven.

what the hell man

That's not a bad deal at all.

Suprised the South West isnt higher. Houses in Bristol are so fucking expensive and you dont even get the 'london wage' to earn it back

How the hell is that a semi detached

Wtf is he going to do with that?

Build a new house, it's obviously the plot which is worth money

Real estate is a shit show scam parade