Harringay, Haringey - So Good they Spelt it Twice!
Property prices in Harringay mentioned in Guardian
Harringay property prices 'boom' mentioned in Sat's Guardian (6th July). Refers to Antony Pepe estate agents who have had a number of Greek and Cypriot investors looking for buy-to-let properties around here. Cash buyers. Those who managed to get money out of the banks while they could!
And probably already have connections round here, I would guess.
Replies to This Discussion
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Permalink Reply by linka on
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Just found it. A paragraph towards the end of an article about misc 'bubble' factors.
"The boom in the capital has been driven by overseas money coming into the prime central London market as investors look for a haven for their cash. But there are also signs that some of the uncertainty in foreign economies is driving cash into less expensive parts of the capital.
Charlie Perdios, manager of estate agents Anthony Pepe, based in the north London suburb of Harringay, said he had heard from a number of Greek and Cypriot investors looking for buy-to-let properties in the area. "They're cash buyers – always cash – looking for a home for the money they have managed to get out of the banks.""
http://www.guardian.co.uk/business/2013/jul/05/help-t-buy-scheme-fu...
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Permalink Reply by L F T Snowflake on
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I take it that these cash buyers are being referred to HMRC to account for how they came to get this money? Oh dear, I think I might have just asked a silly question.
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Permalink Reply by John McMullan on
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Money laundering.
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Permalink Reply by Ruth on
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I think we should be careful not to slander people we don't even know! If people have taken money from their own bank a/c which was their own money they earned and saved, and they want to invest it here in property, as many British people have done in the past in places like Cyprus, that is perfectly legit surely.
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If its money earned in this country, surely tax should be paid on it in this country.
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They're not taking it from "banks" in Cyprus, they're taking it from the Cypriot economy. Disaster. We should be refusing this money: it will inflate property unreasonably and it will just bring those economies closer to the requirement for another bailout - which we do end up finding.
The thing that is annoying me personally about the foreign buyers in London is that they all come from areas with much lower rates of income tax and we have to compete with them.
When I walk down Green Lanes in the mornings at the weekend I notice that it is young people who are presumably renting, who provide the customers for these cafes and restaurants and are prepared to eat out on the tiny footpaths inhaling the traffic fumes. Their desire to live here and need to rent to do it is behind the desire for property to rent. I guess we should at least be grateful that the foreign buyers in Harringay want the rental income, many don't care and leave their properties unlet.
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London is a magnet as there still seems to be some work here or at least the promise of work and now has this image as such a great place to be. As some areas become too expensive due to global investors (the big players, cash buyers with millions in their pockets), the next areas such as here in Zone 3, become more desirable and hence more expensive. And more crowded.
It's going on everywhere and without a real assessment by politicians of all the impacts of this, nothing will be done to stop this.
I've just been out northwest to Edgware/Canons Park where I saw that even the once quiet suburban streets of 3 bed surburban family houses are being rapidly changed by numerous extensions with small flats shoved in, more people/residents, more rubbish along the streets. The urban blight seems alive and well even out in Zone 5....
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Permalink Reply by Alan Stanton on
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Even Canons Park, eh? I haven't been to that lovely park since I was a teenager and out exploring on my bike. Is the walled garden properly looked after?
But are the changes, strictly speaking, blight? Or something more interesting, fundamental, and with social policy implications which we've yet to properly grasp? I posted a link to the Brookings Institute webpage about suburban poverty in the U.S. Any Geographers or Sociologists on this site who have some ideas? Or useful links to read or view?
(Tottenham Hale ward councillor)
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Didn't go into the park so no idea! sorry. Was visiting people.
Maybe blight a strong word what came into my head at the time. Canons Park still a nice enough suburb but as change happens in the inner city areas, so it spreads outwards.Classic urban sociology of Chicago school was 1920s/30s still pretty relevant today I'd say though different context.
As a sociologist, I will take a look at your link when I get a bit of time. cheers.
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I'd appreciate your ideas, Ruth.
So far the only writing I've come across which fits what I see and hear about, and experience around me, is by David Harvey. His Marxist perspective on historical and current change in cities I find helpful and full of practical insights.
But can also seem limited; in that events, economic forces and his prescriptions have to fit the class struggle framework.
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David Harvey is good and often referred to.
For some interesting and perhaps worrying case studies, take a look at some of the journal articles and chapters written by Dr Paul Watt who is based at Birkbeck, on gentrification and related issues in London and other major cities.
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