Tuesday, 23 October 2018

Property gloom

Yes, we've got property gloom, dear reader(s). We've also got microplastics gloom, and, uh ... rock and roll gloom, unfortunately. 'What are you going on about, boss?!' Gloom, Voice. All kinds of gloom. 'Oh.' We've got microplastics in our bodies now. 'I haven't got a body. Well, I've got an astral body.' Yes, yes, you'll be all right, man. But everyone else on planet earth is doomed. 'Gloomed and doomed.' Yes, something like that. 'It would be a good title for an album.' No it wouldn't. 'Okay.' Which brings me to rock and roll. There's a piece in the Guardian today about rock and roll being dead. 'Oh dear.' It doesn't bother me though. I'm staying positive. I mean, I know the answer. 'What's the answer, Mikey?!' It's ... be brilliant, all the time, every song, every album, your whole career, you dig? No prisoners! Get on the Straight Line and stay there! 'Okay.' In the past, rock stars thought they could live off their first bit of work for thirty or forty years. Even the legends only managed five years of great work, if they were lucky ... ??? [Except David Bowie (1971-1980) - most impressive!] / Oh, and luck has got NOTHING to do with it, son. [Daughter!] Be obsessed or be average. I was listening to that yesterday. 'Listening to what?' The other Grant Cardone audiobook, man. 'Oh.' Yeah. Big time.

Anyway, a PR email ...

Naomi Heaton, CEO of LCP, comments:

Average annual prices in Prime Central London (PCL) in September now stand at £1,866,517, representing annual growth of 4.9%. This has been buoyed by a better performance in the high value sector.

Annual transactions have now dropped to 3,606, fewer than 70 sales a week. This is a fall of 16.8% over the year and is 2.7% less than the previous low of 3,704 seen during the Global Financial Crisis (GFC) in June 2009. It is the lowest level on record.

It is hard to see how this decline in transactions can be reversed until there is an agreed outline plan for Brexit. International buyers, already affected by successive tax increases and now exposed to negative coverage of the current political situation, are holding back.

Nevertheless, the high value sector is seeing a better performance now. The weakness of sterling and the high absolute levels of discounts available are encouraging homeowners, in particular, to enter the market.

On the other hand, rental investors, who underpin the lower value end of the market are biding their time. It is likely that when sentiment improves, prices in this sector will harden quickly.

Greater London shows a weak performance. Average prices now stand at £649,246, a modest monthly rise of 2.1%. Prices on an annual basis have seen nominal growth of 1.5%.

Transactions remain just above the lows seen during the GFC and now stand at 87,358. This is a fall of 7.6% year on year and follows three previous annual falls.

This is now a very familiar picture across the capital. Market sentiment has not been restored by the government's policies or handling of the Brexit negotiations. In what is already a heavily taxed landscape the government believes there is still room to add further taxes directed at the overseas investor.

This does not seem to be the right message for the government to be sending to the outside world with Brexit looming.

Okay, okay. No endorsements, no advice. 'Obviously.' Just gloom, dear reader(s). Naomi knows what she is talking about. 'Brexit.' Yes. Brexit is destroying Great Britain.


Anything else? Music? My music? 'Er ... you're not doing updates no more, boss. You said!' Oh, and you believed me, I suppose? 'Yes.' Ha! Ha, ha, ha! / Well, well ... if you do what you've always done, you'll get what you've always got. 'What are you saying, exactly?' I'm changing the way I rehearse my songs. 'Oh.' Just a different routine, man. I want different results. Better results, you dig? 'Yes.' Good. / By the way, I'm going to put my FOUR best songs on the new demo. 'Christ! Is that wise, Mikey? You'll break the internet.' I don't care, Voice.

Okay. Later(s), finance fan(s), rock fan(s)!