Woodberry down guardian article

Papa

Blimey, hadn't read this thread since Tuesday. It's all kicked off.<br><br>That Woodberry Down article is interesting, if a very lengthy online read. It's tricky to make your mind up about such things. The loss of homes is bad but you would hope the new buildings are an improvement.<br><br>What is demonstrably wrong with it and other developments is that the limited amount of new homes being built on land that is in such preciously short supply in normal people London are being flogged to overseas investors, see also City North.<br><br>If reports are true about half of flats being bought up by Far East etc. investors, then that adds a huge upward pressure to the price. <br><br>Forget some of the balmier ideas coming out about trying to control private enterprise right now, a better move would be to see a ban on developers selling to these investors. It could be imposed through planning permission. It is surely doable, as after all, the councils already manage to stop people being able to apply for on-street parking.<br><br>I imagine you would have to let EU residents buy, but such a move would take quite a bit of heat out of the new-build market in London.<br><br>

JoeV

Isn't banning developers selling to overseas investors, or any type of investor, a form of controlling private enterprise?

NorthNineteen

I'm not sure banning is the best option but I would like to see greater restrictions placed on these owners, i.e. huge council tax (or something equivalent) for new builds that are left vacant, or much higher capital gains etc. for foreign owners.

Ali

<P>When the property crash comes as it will just  after the next election all the overseas buyers wil loose out big time if thay try to sell.  It must be getting less attractive with the  £ rising against other currencys, that wil also amplify the losses.</P> <P>I can see the docs on the great overseas property rip off, I guess the government will get to balme the Torrys for it !</P>

NorthNineteen

Does the £ getting stronger not benefit people who have purchased from overseas? Or have I got that wrong?

kreuzkav

I voted Labour today.  Three times locally and one time European.  As in 3 Xs in the local election and one X in the European.   I urge you to vote for Labour.  They are changing from New Labour to Real Labour.  

JoeV

I thought a stronger pound means it's more expensive from people outside 'poundland' to buy British products or assets.

kreuzkav

Maybe the next time I'm visiting Europe I load a suitcase full of Euro shop products.  Could make up to 20 p on them.  

Papa

The pound getting stronger means that if you have already bought and live outside Poundland you would make more in your local currency if you sold up. <br><br>Makes it more expensive to buy in.<br><br>This could be beneficial in terms of tipping the balance a little. One of the crucial points about London property since 2008 is that while to us it is astronomically expensive, to much of the rest of the world it's been in a 30% or more off sale.<br><br>@Joe V yes, it is seeking to control private enterprise, but my point was it that considering the scarcity of new homes in normal people London compared to demand from within the city, this one has more merit than some many other attempts to do so.<br><br><br>

andy

@papa l - except for the dollar, which is even worse than the pound,

Papa

@andy true dat.<br><br>Mind you they've gone tons of their own cheap properties to choose from thanks to their spectacular building boom at the same time as the house price bubble.<br>

miss annie

Remember when the dollar was two for a pound? I buy a bit of stuff from the US, I'd love it to go back to those rates.

Detritus

New labour real labour or even old labour. The problem still remains that they are labour and I just don't trust or like them.

gardener-joe

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ADGS

As the article notes, Singapore has all manner of legal restrictions on what can be done with housing stock. And yet economically, Singapore doesn't do too badly - in many ways, as a money-trading city-state, it could be seen as an overseas peer of London. It's almost as if completely unfettered capitalism (but with a generous safety net for big enough companies who make bad calls) isn't in fact the only way to ensure prosperity!