Posted by Richard Haut on April 03, 2004 at 05:27:15:
In Reply to: $150 / SF posted by Donald on April 02, 2004 at 15:38:03:
$150 psf ? Don't think that that is all that one would have to pay.
The notion of value and price in UK property have no connection whatsoever. The landlords, and their carrion-eating professionals, merely grab anything that they can whenever they can.
Not so long ago (in fact just a few years) some of the $150 psf properties were available at "nil rent" in central London. No joke. Nobody wanted them and the landlords couldn't cope with the overheads (massive charges by the authorities, etc.)
London property goes through regular boom-and-bust cycles. Since the latest bust is now well overdue, it is likely that the market will settle into a long - and this time possibly permanent - decline.
British residential property went up by over 18% so far this year - in a country where salaries are falling fast.
Why does London's West End cost so much ? Because some people are dumb enough to pay. For the long-term establishment and building of sound businesses such a situation is of course disasterous.
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