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buying a flat in the UK

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  1. #21

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    Quote Originally Posted by HowardCoombs:
    Was it the library by any chance ? I looked at the library and decided against it...but did like the look of the place...
    No. Cavendish I think it is called but dont remember 100%. Like I said, we never intend to live there and it is purely for investment purposes as we pulled all our investments out of Turkey (and just in time).

  2. #22

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    Quote Originally Posted by Beanieskis:
    Finally - only 75% of new build property central London property is sold to non-residents, as a % of total property transactions it is much much lower. This is for several reasons; until recently, the off plan market in the UK had dried up as UK residents were wary - therefore developers marketed overseas; if you are non-resident it's much easier to buy a new property from plans and a brochure, than an older property that you need to view; central London property is prime and therefore expensive - it attracts very wealthy buyers who may not be British; other nationalities prefer to buy new property - whereas many British like to buy something older to which they can add value, or something with more character.
    The British don't necessarily prefer to buy older properties. They know that the price of almost all new builds includes a substantial developer's premium and you're paying over the odds for what you're getting. As most of us know, Brits are somewhat obsessed with home ownership but we're not stupid. In fact I think the average Brit is very switched on when it comes to buying property (due to the home owning obsession!) Hence why developers had to increase their marketing overseas as Brits just weren't biting at some of the silly prices being asked for. I do still enjoy a chuckle at some of the new build London properties I see being advertised for the overseas market. The hyping of the locations is best....even compared to HK agents some of these adverts are economical with the truth. I guess if you're an overseas investor who's just looking to put your money into property and sit on it, you're fine. But if you're looking for an actual home, there are much better deals to be had.

  3. #23
    Quote Originally Posted by bdw:
    National Australia Bank Hong Hong offer HKD mortgages for properties in Australia, New Zealand, and UK. The main benefit of this is the cheaper cost of borrowing HKD, normally around 2-3% interest rate. I have no idea what interest rates are like with UK banks at the moment, but Australia is typically 4-7% I think.
    http://www.nabasia.com/hk/personal-p.../en/index.html




    NAB has stop lending couple months ago. I am now using a broker in HK and they said they could get me a 3.6% rate and can I can borrower up to the age of 74 which is quite a good deal.

  4. #24

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    Quote Originally Posted by bibbju:
    I guess if you're an overseas investor who's just looking to put your money into property and sit on it, you're fine. But if you're looking for an actual home, there are much better deals to be had.
    Exactly. No way I would be seen in Clapham let alone live there.
    bibbju likes this.

  5. #25

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    Quote Originally Posted by Trance Omega:
    Exactly. No way I would be seen in Clapham let alone live there.
    Nappy Valley? Yes, I'm with you. Given a choice of Nappy Valley or St Reatham, now that would be a tough one. Anything North of the river for me please!

  6. #26

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    See that the Duke of Westminster who owns a good chunk of London has sold off 240 million quid of property and is predicting an end to the London bubble particularly at the top end. The difference between the London market and the rest of the country is dramatic.


  7. #27

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    Quote Originally Posted by Beanieskis:
    HSBC Jersey is not really a UK bank (although it appears to be in some respects).
    It couldn't be, as Jersey is not part of the UK.

    +15 pedantry points

  8. #28
    Quote Originally Posted by hullexile:
    See that the Duke of Westminster who owns a good chunk of London has sold off 240 million quid of property and is predicting an end to the London bubble particularly at the top end. The difference between the London market and the rest of the country is dramatic.
    The Duke reinvested most of the proceeds in Zone 2.

    I don't think there is a bubble, other than in Zone 1.

  9. #29

    Many Asians have bought properties in London without even stepping foot into London.

    The process is very well established. We have a few ourselves.


  10. #30

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    Quote Originally Posted by londonproperty:
    Many Asians have bought properties in London without even stepping foot into London.

    The process is very well established. We have a few ourselves.
    That sounds insane, how can you verify quality and location?