Wednesday 12 August 2015

The Heron, the residents association and the yuan

The London property market is a bit like marmite - you either can't get enough of it or you hate it.

If your in the latter camp, then don't bother to read this post. But if you are in the former, then check out this amusing tale.

I hear from one of my property contacts that a resident of The Heron, a plush new apartment block in the Barbican area of London, has been trying to set up a residents association.

This resident set about contacting other people who had bought flats in the Heron Tower about the association but none of them bothered to respond. Why? Because the the purchasers of those flats hadn't bothered to collect the keys.

I guess I shouldn't be that surprised. During the last decade I've heard plenty of stories from estate agents about how buyers of London flats from abroad, often from Hong Kong, don't ever bother to look at the flats. The buyers just glance at the floor plans or send a middle man over and then stump up the cash. And I'm not talking about about particularly plush apartments; just average flats in London.

I wonder, though, if that trend is about to end given what's been happening in global currency markets in the last two days?

Indeed, traders were today talking about how Chinese buyers, who have put down deposits for new build apartments in London, may fail to complete on those deals now that the Yuan has taken a massive walloping.

So no surprise, then, that a lot of the Footsie-listed housebuilders have fallen at pixel time.

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