Greedy landlords rub their hands with glee as Londoners queue in the cold to buy flats

[editor]

I'm afraid I'm too angry to put together a coherent comment here, but take a deep breath and read on:

Dozens of Londoners queued overnight in sub-zero temperatures last night to buy a one bedroom flat in East London for £400,000.

The house-hunters wanted to buy homes at the Chobham Manor development near Stratford’s Olympic Park, the Evening Standard newspaper reports.

A one-bedroom flat in the development starts at £370,000 and two-bedroom houses retail for £695,000.

A middle-aged couple queuing in shifts to buy a flat told the local newspaper that they lived outside the capital and were buying a second home they could use if they wanted to go to the theatre in London or stay after work.

Others said they lived in other countries and were buying the flat so Londoners would have to pay them rent.

K Chiu, 37, a restaurant owner from Hong Kong, told the Evening Standard that he hoped house prices and rents would skyrocket even further in London so he could make more money.

“I’m buying this as an investment in London, a buy-to-let. It will be amazing after it’s completed and I think the area around it will have developed really nicely.

http://www.independent.co.uk/news/u...to-buy-one-bedroom-flat-for-400k-9998821.html

 

[DaveCinzano]

Your thread title does not chime with the section you have quoted - no 'Londoners queuing in the cold', only a foreign property speculator and provincial rich bastards looking for a pied a terre.

 

[ddraig]

what's with the Surrey name in the east end too?!

don't tell me, i know

 

[editor]

Your thread title does not chime with the section you have quoted - no 'Londoners queuing in the cold', only a foreign property speculator and provincial rich bastards looking for a pied a terre.

"Dozens of Londoners queued overnight in sub-zero temperatures last night to buy a one bedroom flat in East London for £400,000."

The rest is in the link

 

[editor]

Dozens of homebuyers camped overnight in the icy cold to secure the latest flats to go on sale at the former Olympic Park — with the first in line having queued since Wednesday morning.

They aimed to guarantee that they get the best homes at the Chobham Manor development, where one-bedroom properties start at £375,000 and two-bedroom mews houses are expected to fetch up to £695,000.

Housebuilder Taylor Wimpey set up a marquee outside their marketing suite in Stratford for queuers to camp in. It laid on free food for the mix of British and foreign buyers.

http://www.standard.co.uk/news/lond...spend-400k-on-a-one-bedroom-flat-9998005.html

 

[goldenecitrone]

A one bed flat in Stratford for £375,000. That's just insane.

 

[friedaweed]

I used to pay £70 a week for a two bedroom flat in the East End. Before the hipsters moved in

(((((Londoners)))))

 

[Maurice Picarda]

Interesting that the Lebedev rags share the same quotes but write the story rather differently. No idea what's notable about the properties or the marketing process, though.

 

[ddraig]

how much would the bloody rent have to be?!?

 

[goldenecitrone]

how much would the bloody rent have to be?!?

Depends on the size of the mortgage, but probably upwards of £1,500 a month.

 

[Maurice Picarda]

Depends on the size of the mortgage, but probably upwards of £1,500 a month.

http://www.rightmove.co.uk/property-to-rent/property-47992414.html?premiumA=true

Yes, looks about what the market pays.

 

[goldenecitrone]

http://www.rightmove.co.uk/property-to-rent/property-47992414.html?premiumA=true

Yes, looks about what the market pays.

I was in Stratford recently with a mate who'd last been there several years before the Olympics. He was a bit stunned by it all, to be fair.

 

[Greebo]

how much would the bloody rent have to be?!?

Too damn high.

 

[Ming]

Didn't realize how expensive London housing had become (i haven't lived there since 1999). Vancouver has a reputation for being pricey but it sounds like London is way more for property/rent.

 

[Pickman's model]

tbh dozens of people in a cold queue doesn't boil my piss, not after all the rather worse things that have happened in the past few years

 

[RedDragon]

Isn't there an over supply of expensive buy-to-let flats for rent?

 

[bluescreen]

Pickers, not everyone living or working in London is capable of paying this sort of price, so what is your problem with the OP? Yes, there are people having the shit bombed out of them, there are people homeless and dying of cold and there are people dying from Ebola. There are horrors everywhere you look. Meanwhile London is merely failing its workers. In the great scheme of things this may not be a big deal but just because we can't solve the big deal doesn't mean we shouldn't try to solve this one.
/rant. But you know this anyway. Apologies for sounding off. I used to live and work in London. It would be impossible now.

 

[not-bono-ever]

http://www.rightmove.co.uk/property-to-rent/property-47992414.html?premiumA=true

Yes, looks about what the market pays.

they better have a big slab of unwanted cash slopping about, even at todays rates, they will be pushing it to cover a mortgage. this is all about gambling on capital apprecition to offset the rental loss - would you risk this ?

 

[Boris Sprinkler]

Wouldn't a more accurate description be that, people wanting to push up values of properties for everyone else queue out all night so desperate are they in pursuing their own selfish ends.

 

[jusali]

I hope the rental market crashes get these cockroaches, sorry, speculators off our asses.

 

[SpookyFrank]

Isn't there an over supply of expensive buy-to-let flats for rent?

Or a shortage of people earning enough money to rent them. What's the maximum housing benefit you can get in London for a single person in a one room flat?

 

[Pickman's model]

Pickers, not everyone living or working in London is capable of paying this sort of price, so what is your problem with the OP? Yes, there are people having the shit bombed out of them, there are people homeless and dying of cold and there are people dying from Ebola. There are horrors everywhere you look. Meanwhile London is merely failing its workers. In the great scheme of things this may not be a big deal but just because we can't solve the big deal doesn't mean we shouldn't try to solve this one.
/rant. But you know this anyway. Apologies for sounding off. I used to live and work in London. It would be impossible now.

bluers, i was thinking in terms of london not ebola or whatnot. what about the bedroom tax which affects more than a few dozen londoners? the destruction of council rstates replsced by yuppie flats?

 

[coley]

I used to pay £70 a week for a two bedroom flat in the East End. Before the hipsters moved in

(((((Londoners)))))

Didn't realise you were that old!

 

[ska invita]

I was in Stratford recently with a mate who'd last been there several years before the Olympics. He was a bit stunned by it all, to be fair.

My mum lived inHackney 35 years ago and rarely goes back...she was at the Westfield shopping centre in Stratford the other day and was impressed by the redevelopment. Ive been knocking around Stratord a little since the Olympics and to me its feels just the same, just with a new ugly shopping centre. The olympic park doesnt affect anyones lives and still feels dumped on industrial ground. Stratford continues to be cut up my major industrial traffic routes. I'm confused that people are impressed by the changes. Its still very much Stratford

what do you reckon of New Stratford stethoscope?

Didn't realize how expensive London housing had become (i haven't lived there since 1999). Vancouver has a reputation for being pricey but it sounds like London is way more for property/rent.

Hong Kong remains most expensive per square cm, but London is right up there and using other indexes and factors London comes out the most expensive

A middle-aged couple queuing in shifts to buy a flat told the local newspaper that they lived outside the capital and were buying a second home they could use if they wanted to go to the theatre in London or stay after work.

for that money they should hire a suite at the Dorchester...it'd be cheaper

 

[maomao]

for that money they should hire a suite at the Dorchester...it'd be cheaper

They wouldn't be able to sell the suite on at a profit to fund their retirement. Property essentially costs nothing (and in fact considerably increases your wealth if current trends continue) if you're rich enough to start with.

 

[RedDragon]

Or a shortage of people earning enough money to rent them. What's the maximum housing benefit you can get in London for a single person in a one room flat?

Roughly, if you're under 35 they'll pay £100 a week for a room in shared house and then

From 1 April 2014 to 31 March 2015:

£258.06 a week if you are estimated to need one bedroom
£299.34 a week if you are estimated to need two bedrooms
£350.95 a week if you are estimated to need three bedrooms
£412.89 a week if you are estimated to need four or more bedrooms

 

[bluescreen]

bluers, i was thinking in terms of london not ebola or whatnot. what about the bedroom tax which affects more than a few dozen londoners? the destruction of council rstates replsced by yuppie flats?

tbh I was seeing this as part of the same monstrous phenomenon. As I guess you are too.

 

[killer b]

Not sure there's any point being cross at individual speculators - property in London atm is a very sensible investment. The problems are structural rather than individual - the only thing that's going to stop it is a crash or legislation.

 

[ska invita]

Hong Kong remains most expensive per square cm, but London is right up there and using other indexes and factors London comes out the most expensive

London overtakes Hong Kong as world’s most expensive city
Report suggests UK capital is twice as pricey as Sydney and four times more than Rio for companies to place staff
http://www.theguardian.com/uk-news/2014/sep/23/london-overtakes-hong-kong-worlds-most-expensive-city

 

[ViolentPanda]

I hope the rental market crashes get these cockroaches, sorry, speculators off our asses.

Your donkey has cockroaches on its arse?
(((((donkey)))))