Is London property as expensive as some think?
Discussion
croyde said:
Not sure why it's so expensive. Tower block in a sleezy part of town over run with drunks most nights and no garden or garage.
This. Monetary value of property doesn't make an area "better", because it has a Cafe Nero or pints for 5.99 at some gastro pub. London is still London.Atmospheric said:
This. Monetary value of property doesn't make an area "better", because it has a Cafe Nero or pints for 5.99 at some gastro pub. London is still London.
Don't get me started 
They turned the unused bits of our local train station into a pub/bar. Great use of the old architecture and I thought I'd pop in and make it my local. It is rammed every night with the same young ones that should be saving for a deposit. They never will not at £5.99 a pint.
I'll join the tramps and people on benefits at the Wetherspoons a couple of miles away for my pint. At least I can get a chair to sit on
croyde said:
The road in SW17 is a main thoroughfare lined with closed down pubs, Wimbledon dog track and various car dealerships but as people get pushed a little further out the prices will rise and she is now mortgage free.
That part of Earlsfield has been a dump for ages - transport links aren't great (okay there is a 24hr bus service but it's a bit indirect) though I suppose it has got some potential. I've done similar - my theory being that as soon as they start converting houses into flats - gentrification or whatever you call has already taken place.sleep envy said:
Yazar said:
So London is now losing staff with all that experience gained and in return getting kids willing to bunk up- a smart move? Deutsche Bank has grown its staff in Birmingham from 30 to 2000 in recent years and is setting up a 270 seat trading floor...
Is that a good or a bad thing?Redlake27 said:
There's plenty of places within an hour by train that are good value. Luton, Slough, Rugby, MK etc....
Annual season ticket prices?Hour by train station to station? what about door to office?
From an London employer point of view, how willing is the average employee going to be, to stay a bit longer into an evening if he has a long commute and family?
Just to clarify we have a 1 bed flat owned by the other half currently.
However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
Blib said:
Thank you for your concern, LucreLout and for analysing my finances so accurately. 
I could pay the deposit on a flat for her this morning. On her salary, she couldn't afford the mortgage payments on the balance.
My daughter's no one's freeloader. She's a highly intelligent, highly motivated young woman who gained a First at UCL. Indeed, she's the kind of kid who thrived in London when my generation was growing up. Youngsters like her made this city great.
AND THERE'S MY POINT.
They are being priced out and my city will suffer in the long run.
I could pay the deposit on a flat for her this morning. On her salary, she couldn't afford the mortgage payments on the balance.
My daughter's no one's freeloader. She's a highly intelligent, highly motivated young woman who gained a First at UCL. Indeed, she's the kind of kid who thrived in London when my generation was growing up. Youngsters like her made this city great.
AND THERE'S MY POINT.
They are being priced out and my city will suffer in the long run.
not sure if you are just having a laugh Blib? Why won't you give one of the properties you own to your daughter? You seem to have chosen to wave your daughter off on her flight to Germany rather then help her out
p.s. What did your daughter get this first in?
okgo said:
Blib said:
This evening I had lunch, in Islington, with my 24 year old daughter. She got a first class degree at UCL and has worked for a division of the advertising giant WPP for over two years now.
She's decided to give it up and try her luck in Berlin. She tells me that everyone under the age of 30 in her office bar one is only able to survive in London thanks to the financial support of their parents.
London property prices are obscene. Driven up by foreign investors. Many homes are bought and then boarded up only to be 'spun over' to someone else for a hefty profit a couple of years later. This is even happening in roads like The Bishops's Avenue, a first in my lifetime.
My city is being destroyed and its youngsters driven away.
It's a disgrace. And, I say this as an outright owner of several properties in Limehouse that have dramatically risen in price over the past ten to fifteen years.
London is the sixth largest French city by population. If it were up to me, I'd tell them to f
k off home and leave my beautiful city to its children.
Ad agency pay is laughable, that is likely her real issue. She's decided to give it up and try her luck in Berlin. She tells me that everyone under the age of 30 in her office bar one is only able to survive in London thanks to the financial support of their parents.
London property prices are obscene. Driven up by foreign investors. Many homes are bought and then boarded up only to be 'spun over' to someone else for a hefty profit a couple of years later. This is even happening in roads like The Bishops's Avenue, a first in my lifetime.
My city is being destroyed and its youngsters driven away.
It's a disgrace. And, I say this as an outright owner of several properties in Limehouse that have dramatically risen in price over the past ten to fifteen years.
London is the sixth largest French city by population. If it were up to me, I'd tell them to f
k off home and leave my beautiful city to its children.Coupled with a huge over-supply of doe-eyed hopefuls clutching marketing degrees.
In 'my day' graduate Account Executives in London started on £14k. 20 years later, they still do.
That's if they're even lucky enough to get a job, rather than an unpaid internship.
fido said:
That part of Earlsfield has been a dump for ages - transport links aren't great (okay there is a 24hr bus service but it's a bit indirect) though I suppose it has got some potential. I've done similar - my theory being that as soon as they start converting houses into flats - gentrification or whatever you call has already taken place.
Odd, I've always thought the opposite - it's when they get converted back that shows the money has moved in.I saw a map recently that showed the concentration of conversions and there was a very distinct strip from Ken through Hammersmith Chiswick and down to Wimbledon that was basically the only bit of London where converting into a single dwelling is happening more than the other way round.
vonuber said:
All of the projects I am working on (most of the major towers in canary wharf and a few prime developments in the centre) are being marketed and sold overseas.
Me and the other half (both qualified professionals with a household income around 100k) can't afford to buy a house for our future child where we currently live.
It's not the mortgage repayments but the sheer size of the deposit and mortgage required (some £750k for a two bed).
If we can't afford it then who can? Who is going to own and live in London?
Me and the other half (both qualified professionals with a household income around 100k) can't afford to buy a house for our future child where we currently live.
It's not the mortgage repayments but the sheer size of the deposit and mortgage required (some £750k for a two bed).
If we can't afford it then who can? Who is going to own and live in London?
vonuber said:
Just to clarify we have a 1 bed flat owned by the other half currently.
However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
Did you look at somewhere cheaper in zone 4 or 5? as you seem to be saying outside zones 1-3 = mega commute when in reality it depends more on how close you are to the station. If you live a short walk from a zone 5 station but a long walk/bus away from a zone 3 station then you may well be quicker in.However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
What do you mean by vacating the capital too, are we talking an outskirt commuter town (with those never ending train price increases) or leaving your jobs and relocating?
Edited by Yazar on Monday 29th December 14:57
vonuber said:
Just to clarify we have a 1 bed flat owned by the other half currently.
However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
Maybe. But my 1 bed flat had a queue of first time buyers for it. I very much doubt you're priced out of zones 2/3, unless you have unrealistic expectations.However even with the differential between increase and remaining mortgage we would stil be couple hundred grand short of being able to afford it.
We are not willing to take on such a massive debt and realise our option is to leave the area.
We are obviously in a better position than most (mainly due to our own prudence) but the reality is we are priced out of probably zones 1-3 - and given the length of commute that entails (and what you can get for the money) we are looking, like so many others, to vacate the capital.
Our flat will probably be bought by an investor and rented out for around £1300-1400 a month (an option we considered but again we run up against the required deposit for a new place).
Consider this. I live near Aylesford, Kent and I can get to St Pancras in 55 minutes.
Yes it's far further out that this thread may be talking about - but it's not that far. I can be in the city in 1hr 10minutes. Can drive to Ebbsfleet and be there slightly quicker and the return journey even more so. I have excellent A2 (hateful, hateful road but useful), M20 (good for extended Schnell), M26 access to Gatwick etc. Beats being crammed up on a train more central. However, don't think they aren't building vast swarths of houses here too. London is growing.
Property is cheaper, much so. Nice houses, plenty of space, MILFs,(did I just write that) space...and I am a Londoner through and through.
People moan about the time commuting, but as I see it, its a 30 minimum to travel from anywhere in zone 2-3 to zone 1 anyway.
Yes it's far further out that this thread may be talking about - but it's not that far. I can be in the city in 1hr 10minutes. Can drive to Ebbsfleet and be there slightly quicker and the return journey even more so. I have excellent A2 (hateful, hateful road but useful), M20 (good for extended Schnell), M26 access to Gatwick etc. Beats being crammed up on a train more central. However, don't think they aren't building vast swarths of houses here too. London is growing.
Property is cheaper, much so. Nice houses, plenty of space, MILFs,(did I just write that) space...and I am a Londoner through and through.
People moan about the time commuting, but as I see it, its a 30 minimum to travel from anywhere in zone 2-3 to zone 1 anyway.
Justayellowbadge said:
Odd, I've always thought the opposite - it's when they get converted back that shows the money has moved in.
I saw a map recently that showed the concentration of conversions and there was a very distinct strip from Ken through Hammersmith Chiswick and down to Wimbledon that was basically the only bit of London where converting into a single dwelling is happening more than the other way round.
I don't think Earlsfield lies on that valley of (super)prime development. Or maybe there are 3 phases .. 1) sI saw a map recently that showed the concentration of conversions and there was a very distinct strip from Ken through Hammersmith Chiswick and down to Wimbledon that was basically the only bit of London where converting into a single dwelling is happening more than the other way round.
tsville - no investment in properties, dilapidation, low rents 2) gentrification - rental increases which lead to investment in properties e.g. flat conversions, trendy pubs shops 3) super-prime - conversions to larger high-end properties .. but 3) doesn't occur until a neighbouring area has reached super-prime status. So the bits near Wimbledon Park perhaps but I can't see the Chelsea set moving next to a second-hand car market on Plough Lane just yet. (no offence to the car dealers on here )Edited by fido on Monday 29th December 15:21
fido said:
Justayellowbadge said:
Odd, I've always thought the opposite - it's when they get converted back that shows the money has moved in.
I saw a map recently that showed the concentration of conversions and there was a very distinct strip from Ken through Hammersmith Chiswick and down to Wimbledon that was basically the only bit of London where converting into a single dwelling is happening more than the other way round.
I don't think Earlsfield lies on that valley of (super)prime development. Or maybe their are 3 phases .. 1) sI saw a map recently that showed the concentration of conversions and there was a very distinct strip from Ken through Hammersmith Chiswick and down to Wimbledon that was basically the only bit of London where converting into a single dwelling is happening more than the other way round.
tsville - no investment in properties, dilapidation, low rents 2) gentrification - rental increases which lead to investment in properties e.g. flat conversions, trendy pubs shops 3) super-prime - conversions to larger high-end properties .. but 3) doesn't occur until a neighbouring area has reached super-prime status.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff