Harringay online

Harringay, Haringey - So Good they Spelt it Twice!

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.

Compressed Altitude Brochure

Tags for Forum Posts: altitude, fairview, hampden road development, housing, tall buildings

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This thread is about the Hampden Road development - why it takes the form it does and why it is being marketed overseas. 

The wider housing crisis is due to the failure to provide social housing.  

The housing problem is a London problem Kotkas.  Elsewhere supply and demand and isn’t the issue it is in the capital.  Investment from abroad has moved away from central London, where development is small compared to outer London, where the bulk of the new build tends to be.  The big growth area for overseas investors is in the sub-£500k market, so in direct competition with first time buyers.  It’s also worth bearing in mind that 1 in 6 of properties sold to overseas companies are to those based in tax havens so the benefit to the exchequer is negligible compared to that from a domestic purchase.

That investment from abroad is increasingly shifting towards sub £.5m properties is true, but from such a tiny base, that it will have to grow at a rate many times the historical per annum FTB take up (high single digits) to crowd out the average first-time buyer.

Fundamentally, a FTB's biggest issue is house price inflation - not foreign investors. The effect they have on availability of housing stock, and prices (especially these days) is utterly negligible to matter.

The LSE report gives a figure of just under 20% of new builds being bought by overseas investors. Around 1 in 5 is hardly negligible.  You’re right of course that house price inflation is a major factor but with around 70% of the new builds purchased by overseas investors as investment vehicles surely that adds to the heating up of the market?

With the fall in existing properties being offered for sale and people siting tight and extending rather than moving, new build is a major player in the FTB market.  If, as we have seen, these are increasing being first offered to overseas buyers the supply is strangled at point of sale.

Elon Musk is renting a "house" in the west end for £1 million a year. If he were to purchase it for the asking price it would be £3 million of stamp duty. I would say that stamp duty is also a factor lower down the market ladder.

People are holding on to houses they no longer need because to move from them into a flat would expose them to a frankly unfair level of stamp duty, not to mention professional fees, moving costs and general upheaval. It should be possible for people of retirement age on the ladder to move from a 4 bedroom house to a 2 bedroom flat in this development, potentially buying another flat as well and living off of the rental income and enabling another family to grow in their old house. Nobody is putting anywhere near the effort into this as they are into flying staff out to Hong Kong for London residential apartment roadshows in plush hotels.

There's more to this than just house price inflation.

Alan has just posted a video of an accordionist, and links to a publisher of Lenins' collective works, so it must be my cue to leave this thread.

BUT for the record - the LSE figure includes prime London new builts - for non-prime the figure is closer to .5% depending on where you look... Although my assertion stands, I have to agree that first dibs to overseas buyers is not conducive to the proper functioning of the market.

Not only first dibs, but it can take months before the unsold properties are released in London.

I think your're being oversensitive about Alan's posts.

Agree.   When your opponents resort to abuse, then you must be doing something right.

I disagree. I'm very grateful for anyone pointing out that I have paid money to publishers who bring out books by or about Lenin, Stalin, Trotsky, Jacqueline Rose, Raymond Williams, Judith Butler, Tony Benn, Pope Francis and others.
They and I should be condemned in the strongest possible terms!

This is not something I was properly aware of. Can I also say that  I'm nearly speechless with rage to see Oxford University Press and other supposedly reputable publishing houses climbing on this bandwagon and issuing books about these people.

Obviously any authors published by these firms should break their contracts immediately, or face their works being pulped.

As the old George Formby song recommends:
"Put Lenin on the compost at the bottom of your garden." 
Oh me, oh my, in case the wrong people come by".

As you will know Michael, what's happening in London is similar to many other cities. And there are potential lessons to learn about what happens; what else may work; and what to avoid.

For example I haven't yet finished reading "Hollow City" by Rebecca Solnit with great photos by Susan Schwartzenberg. About San Francisco, it was originally published in 2000 and updated in 2002. The paperback is currently discounted for online customers by Verso.

This publisher has other books about housing in the UK and elsewhere. Including, recently, Municipal Dreams by blogger John Boughton. ( My link is to the Guardian review.)

Then there's a view from Vancouver. For a straightforward analysis I recommend Canadian accordionist and songwriter Geoff Berner.  A few days ago, Zena and I enjoyed his performance a few streets across the Hackney border. Here's a taster on YouTube.

I see that someone is already looking to flip their investment on Rightmove. Reminder: if you sell before completion you pay no stamp duty.

Theis suprises me not a lot.

Homes not investments needs to be the mantra.



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