Forum Topic

'Rich Chinese' to snap up new flats which will be built on site of brewery

Interesting article on this in the Standard todayhttp://www.standard.co.uk/news/london/rich-chinese-to-snap-up-new-flats-which-will-be-built-on-site-of-brewery-in-wandsworth-9043923.html

David Parker ● 4097d5 Comments

There simply isn't enough space to build enough flats in London that would be sufficient to drive prices down to levels that would allow people on average wages to afford property. There is no alternative to making some provision for people on lower incomes and if large developments are taking place that don't do this then the problem is going to get more acute.

Mark Evans ● 3913d

Sorry my previous post contain a typo. What I meant to say was - These flats may not be bought by nurses and teachers but without them price that they would have to pay elsewhere would probably be higher. Basically although none of the flats being built in a particular development may be available to key workers, by absorbing some of the existing demand and reducing upward price pressure they will indirectly help house hunters on lower incomes. This is because price differentials across different sections of the market will generally be maintained.

David Parker ● 3914d

Don't really understand your point. Why would key workers have to pay higher prices?

Mark Evans ● 3915d

Ultimately price is about supply and demand. If you don't build enough homes prices will go up across the board for everyone. These flats may not be bought by nurses and teachers but without the price that they would have to pay elsewhere would probably be higher.

David Parker ● 3999d

The article currently on the front page of this site laughably suggest that the average price of a Wandsworth home is being dragged down by sales of half million pound flats in Witham House. The problem is not who buys these homes but who lives in them - they won't house many nurses, fire fighters or teachers that's for sure.

Mark Evans ● 4006d