"Is GW selling real estate???" Topic

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Good lord…that's inconceivable….

Vegas I can understand….stupid people drawn to a desert with glittering lights and water rationing…most of them from Southern California….oh well..fools and their money and all that bit…

But Why London?

Because south eastern England is a very small area with a high population. It's supply and demand.

$4,600 USD a square foot? I thought I was stupid at $600. USD

And I live in a small expensive island.

Because (basically) it's the capital of the world

(in terms of culture & wargaming anyway ….)

(joke joke joke joke joke joke)

Arguably the financial capital of the world as well-- or atleast one of them.

Well, someone's got to pay for all that "free" medical care. (TANSTAAFL)

No, that's Foundry real estate. GW real estate starts at a reasonable price, and then goes up roughly once a year.

Ah the legend of free medical care… Have you tried finding an NHS dentist in London?

Yes the prices here have gone stark staring mad, but the anaylysis for why is pretty much right on.

Apparently there are a significant number of very rich people looking for property in London, and prepared to pay huge amounts of cash for the right place. The result is that the top end of the market is going berserk, but because these buyers have no equivalent sale to make the tier immediately below that has little for sale (they are not able to compete with the kinds of cash the big earners have and so are not moving).

One of our friends had an experience along these lines. Found a house that needed some work in a very nice area. Made an offer (got a mortgage etc.) then was outbid by a cash buyer. He could not compete with the new bid so did not move. Its very obvoius in our area as the estate agents have so few properties on offer.

Supply and demand at work.

P

Pity us London renters that it seems will never be able to buy. Part of me is hoping for a major market crash just so I can get on the property ladder.

The rate at which London property goes up in price is far slower than GW price rises

It's the old problem, they just don't make land like they used to. Once the Queen gets GWB to give back the colonies we can go and fill up the empty bits.

Its not just London…

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As you can see, firemen, nurses, teachers, all can't afford to buy a home in the UK.

Its not due to people from abroad pushing up the prices. Many in the 90s bought multiple properties as a retirment scheme (as property prices started to boom, this gave the best return). Alas it a bit out of control at the moment, and the goverment dare not step in as this would affect too many of the voting public (you don't want to see your retirment fund plummet due to goverment policy).

So the UK is doing very well if your in the equity loans business (as people borrow on equity to purchase more homes to further their retirment fund), OR if you got onto the property ladder at the right time.

Just hope you don't have a fire, kids that need lessons, or get ill. Because these public sector workers are having to move overseas……

….or the goverment could pay them a 'living wage', but then that would raise taxes.

Naaaah!!!!!!!!!

Once the Queen gets GWB to give back the colonies we can go and fill up the empty bits.

You are welcome to immigrate. There are parts of Oklahoma that could use residents. ;)

Heck, even if you can't do it legally, you can probably fly to Mexico and then sneak over the border. :p

"you don't want to see your retirment fund plummet due to goverment policy"

I wish I could believe this, but that sort of logic didn't stop them the first time they wrecked a pension industry…

The Russians, it's the Russians….

$500/sq foot. Is that right?