Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › 160k euros will buy residency permission in Spain › Re: Re: 160k euros will buy residency permission in Spain
London is a completely different property market to most of the UK, with a few exceptions. Probably down to London being the financial capital of the World, until this changes I don’t see London prices crashing soon, there may be some correction but hardly a crash. You can buy a detached house within an hour’s ride of London for the price of a 1-2 bedroom flat in town, almost impossible for 1st time buyers. 🙄
You cannot ignore too the old argument of supply and demand which makes the UK and Spain’s property market so different, Spain has a huge oversupply of property, and the UK doesn’t. I spoke to a UK agent yesterday about the market, an hour and a half from London, he says the market this year has been static but not fallen, unlike Spain’s.
Remember the expert Mark invited to talk on here in 2009, said Spanish prices would rise 10% per year, what a load of tosh, got it completely wrong and some poor people believed him and have seen their values fall drastically. Then the other indisputable fact some choose to ignore here is the 11% completion costs and the large selling costs meaning your property has to increase 20% just to break even, not so in the UK 🙄
Have you seen the numbers of jobs being cut by the banks in London. It’s those high paying jobs that keep prices inflated. Normal working folk can’t keep the prices inflated so high. There will be a correction in London, and it’s needed too.
The UK market is falling. I know from personal experience that prices are down in the Midlands.
Chart is not mine, just something I saw on another site that put together repeat sales figures for postcode areas. But judging by the Derby and Leicester figures it is spot on.