London jumps from 5th most expensive city to 1st in 6 years

sunshineblotters · Sep 30, 2014

Now puts it ahead of Hong Kong, New York, Paris, and Tokyo.

http://www.theguardian.com/uk-news/2014/sep/23/london-overtakes-hong-kong-worlds-most-expensive-city

Only two boroughs in London have an average rental price of less than £1,000 a month

http://www.homesandproperty.co.uk/p...ing-tops-ps1000-month-all-two-london-boroughs

A one bedroom in Shoreditch (London's Williamsburg imo) for £2,578/$4187 per month

http://www.rightmove.co.uk/property-to-rent/property-46252657.html

Two Bedroom in Kensington (London's midtown imo) for £6,500/$10,568 per month

http://www.zoopla.co.uk/to-rent/details/34681213#T43z9rLk6MEG8M83.97

AZwildcats · Sep 30, 2014

Tucson >> London

trunks206 · Sep 30, 2014

Foreign investors (mostly via middle east, Asia and Russia) have been buying up homes driving prices up.

'Londoners are being priced out of the housing market by an influx of foreign buyers, who see London property as an investment and in many cases leave properties sat empty as "ghost homes".

http://www.dailymail.co.uk/news/art...eign-buyers-fuelling-dire-housing-crisis.html

Remember that documentary which was posted on here of the rich kids bring their super cars to stunt in London in the summer? They interviewed some residents of one of the wealthiest areas of London, Chelsea, and they said that alot of the properties were bought as summer homes.

Wasn't their a similar thing going on in CA with foreign buyers buying up homes as investments?

aquatic barefoot · Sep 30, 2014

Big cities are now just the playground of the wealthy.

firepower · Sep 30, 2014

Doesn't surprise me

Good thing my wages are going up accordingly in line with the inflat.... oh, wait.

sunshineblotters · Sep 30, 2014

Aquatic Barefoot said:
Big cities are now just the playground of the wealthy.

It's ******* disgusting. Been wanting to move to NYC for the longest but the only way to live comfortable there is with a $70,000 salary. That's if you don't mind not living in the better parts.

trunks206 said:
Foreign investors (mostly via middle east, Asia and Russia) have been buying up homes driving prices up.
http://www.dailymail.co.uk/news/art...eign-buyers-fuelling-dire-housing-crisis.html

Remember that documentary which was posted on here of the rich kids bring their super cars to stunt in London in the summer? They interviewed some residents of one of the wealthiest areas of London, Chelsea, and they said that alot of the properties were bought as summer homes.

Wasn't their a similar thing going on in CA with foreign buyers buying up homes as investments?

That makes a lot more sense than what I have been reading. Many sites are saying it is the strenghtening pound but the GPB has been around the same, at least in comparison to the dollar, for that time.

View media item 1200656

sunshineblotters · Sep 30, 2014

Also I didnt see that vid so if you still got the link can you post it?

nazdrowie · Sep 30, 2014

I'm not British so this doesn't have any relevance to me...

or does it?

dankenstien88 · Sep 30, 2014

Daily reminder....

This is a 10 in Britain

al audi · Sep 30, 2014

yikes

yeah · Sep 30, 2014

trunks206 said:
Foreign investors (mostly via middle east, Asia and Russia) have been buying up homes driving prices up.
http://www.dailymail.co.uk/news/art...eign-buyers-fuelling-dire-housing-crisis.html

Wasn't their a similar thing going on in CA with foreign buyers buying up homes as investments?

The same thing is happening in NYC. A lot of foreign buyers and almost always, the property is purchased through a LLC...of a LLC...etc. Just try finding a condo that isn't being held by a LLC.

They're not just buying summer homes, though I'm sure some are legitimately used that way. They're shielding their wealth within an asset.

Hank Scorpio · Sep 30, 2014

Been to London several time and this is VERY true. London is ridiculously expensive :smh:

al audi · Sep 30, 2014

Yeah said:
The same thing is happening on NYC. A lot of foreign buyers and almost always, the property is purchased through a LLC...of a LLC...etc. Just try finding a condo that isn't being held by a LLC.

They're not just buying summer homes, though I'm sure some are legitimately used that way. They're shielding their wealth within an asset.

yep

there was an article in the NY times i believe just the past summer on it. cover story

rocman23 · Sep 30, 2014

Hank Scorpio said:
Been to London several time and this is VERY true. London is ridiculously expensive

This is why I have no real interest in visiting London. I live in NYC I'm not about to pay an arm and a leg on vacay just to see old America.

yeah · Sep 30, 2014

Al Audi said:
yep

there was an article in the NY times i believe just the past summer on it. cover story

Yeah, I read that article too. I felt it was extremely biased against foreign buyers, though. Though the companies may be housed over seas, that does not mean the buyer is foreign. Tax shelters have been being used in the US for a while. I'm more than positive that a good number of those "foreign investors" are american buyers with ties to foreign companies.

rocman23 said:
This is why I have no real interest in visiting London. I live in NYC I'm not about to pay an arm and a leg on vacay just to see old America.

Old America? That statement is a little ridiculous, even though I know you're joking, London is really nothing like old America.

al audi · Sep 30, 2014

Hank Scorpio said:
Been to London several time and this is VERY true. London is ridiculously expensive

girl i know who been there a few times calls it a more expensive NYC

jaysfiend23 · Sep 30, 2014

I was always under the inpression that Paris is way more expensive than anywhere

sunshineblotters · Sep 30, 2014

dankenstien88 said:
Daily reminder....

This is a 10 in Britain

Except London has way more than just british people since the EU.

Al Audi said:
girl i know who been there a few times calls it a more expensive NYC

I used to live there. Frequently visit. I would say London became more expensive than NYC within the last 5 years (especially for drivers). Not always the case.

jaysfiend23 said:
I was always under the inpression that Paris is way more expensive than anywhere

Paris is still in the top 5. Hong Kong and London recently passed it in the last 5 years. I think it is currently number 3. It might be number 4 tho.

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London jumps from 5th most expensive city to 1st in 6 years

sunshineblotters

AZwildcats

trunks206

aquatic barefoot

firepower

sunshineblotters

sunshineblotters

nazdrowie

dankenstien88

al audi

yeah

Hank Scorpio

al audi

rocman23

yeah

al audi

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