QUESTION: Mr. Armstrong, do you think the property market in London has peaked?
Thank you
DS
ANSWER: Yes. This is the high-end. The property market outside of London is spotty. Most areas OUTSIDE OF LONDON PROPER have not exceeded the 2007 high, as has been the case for London. Keep in mind that this has been a foreign capital driven market.
If Britain gets its act together then the decline may not be as bad. The Labour Party has gone totally mad as they are embracing Communism and the Conservatives are just out of their mind taxing everything that moves or not to reduce the debt creating deflation in most sectors. Somewhere in-between perhaps lies some sanity but neither policy will offer any long-term sustainability for economic growth.
Money Week in Britain did comment on our forecasts for the London property market.
We will be distributing a special report on real estate at the World Economic Conferences in Princeton and Berlin. Non-attendees will have the ability to purchase this report after the conferences.
