Harringay online

Harringay, Haringey - So Good they Spelt it Twice!

 

If you're sick of Brexit predictions and can't stand stab-in-the-dark predictions about London's 'next property hostspot', then stand back from the edge of the platform!

In a piece published last week, the Standard identified four London Boroughs which it feels are a good investment after Brexit. 

Haringey was introduced with the headline "Looking For Big Change? Try Haringey".

The article tells us that Haringey "offers the opportunities that come with transformation". Apparently, rents in the borough have risen seven per cent in the past 12 months, the highest rise in any London borough.

It says that the local economy is forecast to expand by 14pc by 2022, while the population is set to grow by 11 per cent and the average house price is now £550,415.

Much of the ES data comes from property company CBRE. In their annual borough by borough 'analysis' CBRE predict that house prices in Haringey will be on a "steep growth path over the next few years".

Red the full ES piece here.

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Although forecasts are usually not worth the paper they are printed on its reassuring that there’s positive PR. Onwards and upwards.

I'm a "bob" bored of brexit

But I read or heard house prices are set to drop by 30% after brexit.  

Just one of those scaremongering rumours. Who can say what is going to happen ?

Actually, wouldn't it be a good thing if house prices dropped ?

The Government, aka the Bank of England,  made some economic forecasts prior to the 2016 Referendum. They were wildly out.

Also, the forecasts put out by the BoE were for Brexit, it hasn't happened yet. I was working on a trading floor in the city at the time and the general consensus of currency down 10%, stock market down 10% if it we leave won was bang on. The prediction the other way was currency up 10% and stock market up 10%.

The prediction was for immediately following the vote, not after actual Brexit. They got some stuff right (sterling dropping) but a fair bit wrong (loss of 500k jobs, fall in GDP)

Report is here 

https://assets.publishing.service.gov.uk/government/uploads/system/...

The vote was non-binding so nobody really knew what would happen in the wider economy at my work because it was down to politicians, just in the most liquid markets because they were participants. A house builder I follow as a proxy for the property market plunged 36% in just a couple of hours after the market opened though.

Annual GDP growth was 2.2% at the beginning of 2016 and is now barely within the margin of error at 0.2%. Taking into account inflation consistently above 2% and that says that the economy has shrunk.

In the last year we shed 134K jobs previously held by EU nationals in the UK. It probably wasn't that high the previous year but I don't think 500K jobs was wildly off, it just took longer because it's not as liquid.

All bubbles eventually go pop.

We should know that by now.

We are constantly warned " The value of investments can go down as well as up "

Never very wise to gamble with your house.

I think you'd like Modern Monetary Theory Daz. We're not limited by the amount of money (which is unlimited because it's a fiat currency), but the natural resources, goods, assets and services that workers provide in our economy.

I’m convinced these articles are clickbate. You churn out a different area each week with a formulaic article and everyone in that area clicks on it. Rinse repeat.

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