Harringay, Haringey - So Good they Spelt it Twice!
Hampden Rd development being marketed to overseas buyers
The Fairview homes development at Hampden Rd is being marketed to wealthy foreigners as student accommodation and would only be available for Londoners to rent. Fourteen units from the first phase have already been sold in Dubai and Hong Kong. Attached is the brochure, make your own minds up.
Tags for Forum Posts: altitude, fairview, hampden road development, housing, tall buildings
Replies to This Discussion
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Permalink Reply by kotkas on
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Clearly you are inclined to see what you believe. Foreign landlords do not make a statistically significant part of the overall landlord population which is a total of approx. 2m.
Here is another paper on foreign ownership of new-builds in London: https://www.london.gov.uk/moderngovmb/documents/s58641/08b2c%20Univ...
I'll spare you the suspense - foreign purchases of residential new builds IN LONDON (the issue that concerns you most) represent a staggering.... 13%, with just 5% of this (or ~0.6%) of sales in greater London (which is where Haringey would fit.)
Put this on a national scale and becomes utterly insignificant...
Again. Blame the baby boomers.
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Permalink Reply by John McMullan on
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That's just a study about landlords' propensity to leave properties empty. It only concludes that foreign landlords leave properties empty at the same rate as domestic landlords.
I stand by completely what I said in the opening of this post "new build property in London is first marketed in Asia and then in London", we get the dregs to pick over.
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Ignore it as much as you will - the paper clearly identifies % of foreign buyers for new built properties in London. For Haringey, that figure is 0.3% for the period 2014-2016.
No doubt the property is being marketed abroad to attract foreign buyers, but your assertion that foreign landlords are distorting national property prices and creating a nation of renters is unfounded.
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Permalink Reply by DavidJ on
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kotkas - you have linked to a study of landlords who rent property. John is talking about something else - ownership of vacant property. This is now documented as being a significant factor in London, but is hard to pin down:
https://www.theguardian.com/society/2017/aug/01/names-of-wealthy-em...
https://www.theguardian.com/commentisfree/2017/aug/02/kensington-em...
I think it is correct that we have been seeing newbuild appartments being built on a considerable scale that are built for this investment market. Look around you at the mumbers of apartments that are clearly not long term homes, they are expensive and marketed across the globe.
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The main driver for that report seems to be not putting off foreign investment. To say 'myth' is putting it strongly - from the conclusion of that report:
"In particular it is clear that, within the limits determined by planning permissions, built form has been modified in line with the preferences of overseas buyers - e.g. in terms of the use of glass and indeed the size of units and numbers of bedrooms."
Yes indeed, they are built not as long term homes - but as investments (that may be rented out, used by children attending university, or used as occasional stop overs, or simply left vacant).
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Permalink Reply by matt on
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Tris, I think what people would like to see is more opportunities (ie. London new build properties) available for Londoners to buy. London does not need to serve as a property investment vehicle for overseas buyers.
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Permalink Reply by Michael Anderson on
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Tris, the most important point in the LSE report is that 70% of properties acquired by overseas buyers are put on to the rental market and not lived in by the buyer. The acquisition of new build for overseas investors is absolutely not about wanting a home in the U.K. and especially London, it is about expanding a property portfolio.
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Exactly what Michael said. London does not have to serve as a site for overseas property portfolios, rented out or left empty. It is of course different if said overseas investor is building property for Londoners to purchase.
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The most important point is that overseas investors have FA to do with house price inflation or availability of housing outside prime London. The LSE analysis clearly states that 0.5% of non prime new builds are purchased by overseas investors and 70% of this stock is let out. That’s 0.035% of stock or 1 in ~2800 dwellings. All the while people point blank ignore the largely domestic BTL market which has grown 30% over the last 5 years.
Island mentality.
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It is YOU who says I said that. I just said that what is being built is marketed overseas to foreign buyers. I have also previously said on here that what is being built is not suitable for families (3 double bedrooms etc). I have said twice now that the main driver of house price inflation is mortgages and I have agreed with you that "low interest rates" could be counted as "mortgages".
I appreciate you bringing the domestic BTL market into it but again, that's mortgages.
You are equivocating when you say that 0.5% of non prime builds are purchased by overseas investors. The properties being built and marketed overseas are advertised as luxury. The brochure for this development is a case in point.
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