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Old 12th May 2017, 07:32   #1 (permalink)
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Ever wondered why it's so difficult to buy a property

How my London parish turned Chinese by Giles Fraser in "The Guardian"

It's no wonder people have a problem with globalisation, says Giles Fraser, when you see the effect it has on the life of so many communities. Take my own parish in south London, where a huge property development - the 24 acre Elephant Park - is under construction. Keen to harness the word "community" for its own ends, Lendlease, the Australian firm behind the project, claims it's seeking to create a place "with the community at its heart". Yet land registry records show that in South Gardens, the first phase of the development, overseas investors have snapped up every flat sold. That's right, every single one. The flats are essentially being used as "piggy banks for east Asian capital looking for a safe place to park itself", so many are sitting empty and the local areas has become a ghost town. How can a sense of community survive in such circumstances? How, for that matter, can I carry out my pastoral role when more and more of my parishioners live in China ? "The Church of England doesn't have a model of ministry for this sort of parish. Unfortunately, neither do our politicians".

This is not only happening the London but other major cities too e.g. Newcastle and Manchester. I would vote for any political party who will end this travesty.
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Old 12th May 2017, 07:38   #2 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

Travesty of foreigners buying abroad?

There will be many TLFers who couldn't agree
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Old 12th May 2017, 07:46   #3 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

I am not talking about the same thing at all !!! Most of us who buy property say, in Turkey do so for our own or family use. Not hundreds of properties which will be left empty for years denying homes to buy or rent for the many hundreds in need of a place to live !
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Old 12th May 2017, 07:49   #4 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

Boils down to the same thing

If it's ok for people to buy abroad how they use that property as long as its legal-is very much down to them.

I could show you many places n Turkey where the majority of properties are foreigners lock up and leave homes

Their purchases drive the price to an unaffordable level for locals yet much of the year the areas a ghost town

Live and let live
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Last edited by saoirse; 12th May 2017 at 07:54..
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Old 12th May 2017, 08:17   #5 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

Agree with both points of view , personal opinion is that UK properties are bought by businesses for investment , tax evasion and money laundering purposes , whereas most properties bough by yabs in Turkey are bought by individuals and are not the sort of properties that Turkish would live in , they were in the main built as holiday properties.

Steve
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Old 12th May 2017, 10:46   #6 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

Many villages in holiday areas of the UK are almost empty over half the year, we live near one and the effects on local services are dire. No local shop any more and no bank or post office now.
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Old 12th May 2017, 12:30   #7 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

Yes, even in my street in Newcastle, two properties have been bought by Irish investors ...
I was thinking of you and your friend though again Hils, there is another house for sale in our road for GBP 80,000, it is a lovely bit house and the street is lovely, needs a bit of work but a real bargain. Newcastle is also a fantastic place to live, there is so much going on ... like at the Sage Gateshead, but that is only one example. A good buy for someone ...
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Old 12th May 2017, 12:37   #8 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

The fund managers don't give a toss who buys them, they will keep funding the building while there is more and more money to be made, and remember many of us are complicit in this as we want the best for our pension funds.

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Old 12th May 2017, 13:22   #9 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

I am all for the fee market but when you see blocks of new flats snapped up and the doors just remain closed to the rental market, then I think steps have to be taken. I would say if a property remains empty for over 6 months, then it should be taxed heavily to try and discourage this kind of investment. My sister in London has tried on many occasions to get a foot on the property ladder to be told they have all been sold to overseas investment companies. This cannot be right!
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Old 12th May 2017, 17:11   #10 (permalink)
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Re: Ever wondered why it's so difficult to buy a property

I will be seeing our dear friends soon as we leave for Akbuk tomorrow Eliza and I will certainly tell them about Newcastle. Thanks again. Hilary.
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