The papers this week were full of property stories, some commenting in general, some on specific markets. The FT had an excellent summary of what’s going on in St James’s but it’s not exactly mainstream. Earlier in the week they provided a global round up in which they had been kind enough to invite me to comment.
“That said, the top end of the London housing market is overcooked. A decade of rising prices is coming to an end. Houses will again be homes rather than investments, with only the very best in class achieving premium prices. Prices have become unaffordable to many but there are more people who have to sell than there are who must buy, and markets will adjust to compensate — as they always do.”
“We’re going to have loads of empty and part-built posh ghost towers,” he says. “They were built as gambling chips for rich overseas investors, but they are no longer interested in the London casino and have moved on.”