Is London property as expensive as some think?
Discussion
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.
similar situation to dumfries and galloway,places like kirkcudbright are full of southern retirees ,as are parts of the highlands and many east coast villages,like elie and earlsferry,along with those near st andrews .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.Yes it is.
I think the difference with other major cities evens out higher up the price range, the kicker with London is that even crappy little bedsits and stuff an hour out of town is ruinously expensive, making it very different for young people on modest incomes to buy.
Bangkok is full of condo blocks which are basically like a hotel room, sometimes with basic cooking facilities, purpose built for people on a budget, starting at around £100 a week. Obviously Bangkok isn't London but even proportional to the lower wages this makes affordable and convenient property for a lot of people in relatively limited space.
So much of London was built in the 19th century for a society that doesn't exist anymore and simply isn't fit for the purpose for which it is now used. Masses more was built out of hurried necessity after WW2 and gives us the row upon row of grey boxes which are often inaccessible, and the resultant creeping outwards across the remaining patches of "rural" south east England.
Part of it is the British (though not as uniquely as some say) desire to own a garden, however small, when flats would be a much more efficient use of the land and allow many people to be housed a lot better on the same amount of land.
Most of it though is down to the ridiculous planning system which means that there is not enough new building, and what there is is often the wrong thing in the wrong place.
I think the difference with other major cities evens out higher up the price range, the kicker with London is that even crappy little bedsits and stuff an hour out of town is ruinously expensive, making it very different for young people on modest incomes to buy.
Bangkok is full of condo blocks which are basically like a hotel room, sometimes with basic cooking facilities, purpose built for people on a budget, starting at around £100 a week. Obviously Bangkok isn't London but even proportional to the lower wages this makes affordable and convenient property for a lot of people in relatively limited space.
So much of London was built in the 19th century for a society that doesn't exist anymore and simply isn't fit for the purpose for which it is now used. Masses more was built out of hurried necessity after WW2 and gives us the row upon row of grey boxes which are often inaccessible, and the resultant creeping outwards across the remaining patches of "rural" south east England.
Part of it is the British (though not as uniquely as some say) desire to own a garden, however small, when flats would be a much more efficient use of the land and allow many people to be housed a lot better on the same amount of land.
Most of it though is down to the ridiculous planning system which means that there is not enough new building, and what there is is often the wrong thing in the wrong place.
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 fk off home and leave my beautiful city to its children.
Sorry, I know some have bashed you for the comment about her moving abroad...don't mean to bash you further...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.But your daughter is moving to Berlin because she can't afford to survive in London? Yet you own, outright, several properties in Limehouse??
If this post isn't a wind up I assume daughter was hoping you would free up one of the said properties for her? That was probably the point of the dinner and the posturing about leaving.
Not to mention the irony of you complaining about investors driving up prices while you yourself sitting on several properties that have dramatically risen in value? That makes you one of the people you ate complaining about.
All in all....I feel its a wind-up post
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 fk off home and leave my beautiful city to its children.
This is happening over hundreds of towns throughout Britain, albeit on a different level. FTB who cannot afford to buy a home in their own home town, I think we all know this from years ago and still going on. That old ripple out effect.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.LeoSayer said:
Blib said:
This evening I had lunch, in Islington
Only in Islington!I blame the french and they fancy pastries which can be eaten at any time of the day.
Edited by Maxf on Tuesday 23 December 13:18
Blib said:
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.
So you think only Londoners should be able to be property speculators in London.Why not sell your properties in Limehouse to your daughter and her friends at the price you paid for them, plus a little bit of inflation to cover your costs? You'd break even, and you'd be helping young Londoners.
TwigtheWonderkid said:
Blib said:
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.
So you think only Londoners should be able to be property speculators in London.Why not sell your properties in Limehouse to your daughter and her friends at the price you paid for them, plus a little bit of inflation to cover your costs? You'd break even, and you'd be helping young Londoners.
TwigtheWonderkid said:
So you think only Londoners should be able to be property speculators in London.
Well i think the rules could be tightened for foreign ownership. Certainly in many countries around the world foreigners buy up and send the prices rocketing. Most auctions for properties these days in NZ/Australia are full of Chinese buyers - many of whom couldn't care less about the "valuation" price of the property, and just keep bidding until they own it. And any other normal people are competing against both this and groups of property investors who also have the cash to spend. (Not to mention places like Singapore where their citizens can borrow money for overseas property purchases at much lower mortgage rates.I do feel we've forgotten that housing should be a basic entitlement, not a total free for all to make money from. And of course the only people who benefit from the house price rises are the market leavers or downsizers.
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 fk off home and leave my beautiful city to its children.
The hypocrisy of your post is astounding on several levels. 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.You complain about speculative London property purchases and investment yet own several properties in lime house yourself, you the blame foreign investment on your daughters inability to afford a property without her land Barron fathers support but appear to approve of her plans too invest her time and money as a foreign national in Berlin?
Hahahaha.
I went on Rightmove and put in "London maximum £250,000"
More than 1000 properties come up, flats, houses all sorts.
Now, if the fella was a teacher and the girl a nurse there income would be around £55/60,000, maybe more in London.
So those properties are easily within the mortgage range.
I accept, they aren't the best places in the best areas, but as a first time buyer maybe expectations are too high.
Ny first property was a maisonette in Brockley, a nice place but not the sort visitors would admire, but then you move up the ladder.
It's easy to quote prices in Hampstead and Chiswick but maybe people should be more realistic in their first step on the ladder.
More than 1000 properties come up, flats, houses all sorts.
Now, if the fella was a teacher and the girl a nurse there income would be around £55/60,000, maybe more in London.
So those properties are easily within the mortgage range.
I accept, they aren't the best places in the best areas, but as a first time buyer maybe expectations are too high.
Ny first property was a maisonette in Brockley, a nice place but not the sort visitors would admire, but then you move up the ladder.
It's easy to quote prices in Hampstead and Chiswick but maybe people should be more realistic in their first step on the ladder.
schwarz993 said:
There are still some areas where you can find 'value' in London. Clearly they aren't in K&C or Westminster. I know countless people of my generation (early 30s) who grew up in these now unattainable neighbourhoods who are unwilling to make a sacrifice and move out to less fashionable areas. So they pay top whack to rent tiny sh*tholes and treat themselves to the latest iPhone 6 etc etc and then complain about not having any money to put towards a deposit.
I'm not saying it's easy but today's 'must have it now' and 'I deserve it' generation don't really have my sympathy.
Oh and the chap complaining about French people in London and his daughter moving to Berlin. WOW the hypocrisy.
Spot onI'm not saying it's easy but today's 'must have it now' and 'I deserve it' generation don't really have my sympathy.
Oh and the chap complaining about French people in London and his daughter moving to Berlin. WOW the hypocrisy.
This is what really annoys about all those who bleat on about not being able to afford in London.
What they really mean is they are not able to afford where they want in London.
The concept that your first home is just a stepping stone seem to have been lost and people seem to expect that they should just be able to walk into the home of their dreams from the get go. now as far as i'm aware, it has never been like that.
When I bought my first flat in London a few back, I was renting a 2 bed place in Wimbledon, given that prices for the same type of property on the same road were around the 400k mark, i was never going to afford that, so i happily looked in less prestigious areas and got myself a really nice 2 bed flat within budget.
Even looking today, there are loads of 1 bed flats in the area (Norwood Junction) starting around £130K, and this is only a 11 minute train journy to London bridge so not like its miles out.
gibbon 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 fk off home and leave my beautiful city to its children.
The hypocrisy of your post is astounding on several levels. 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.You complain about speculative London property purchases and investment yet own several properties in lime house yourself, you the blame foreign investment on your daughters inability to afford a property without her land Barron fathers support but appear to approve of her plans too invest her time and money as a foreign national in Berlin?
Hahahaha.
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 fk off home and leave my beautiful city to its children.
It's the detailed brags that really make this post rather special.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.TKF 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 fk off home and leave my beautiful city to its children.
It's the detailed brags that really make this post rather special.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.Matt Sketch said:
schwarz993 said:
There are still some areas where you can find 'value' in London. Clearly they aren't in K&C or Westminster. I know countless people of my generation (early 30s) who grew up in these now unattainable neighbourhoods who are unwilling to make a sacrifice and move out to less fashionable areas. So they pay top whack to rent tiny sh*tholes and treat themselves to the latest iPhone 6 etc etc and then complain about not having any money to put towards a deposit.
I'm not saying it's easy but today's 'must have it now' and 'I deserve it' generation don't really have my sympathy.
Oh and the chap complaining about French people in London and his daughter moving to Berlin. WOW the hypocrisy.
Spot onI'm not saying it's easy but today's 'must have it now' and 'I deserve it' generation don't really have my sympathy.
Oh and the chap complaining about French people in London and his daughter moving to Berlin. WOW the hypocrisy.
This is what really annoys about all those who bleat on about not being able to afford in London.
What they really mean is they are not able to afford where they want in London.
The concept that your first home is just a stepping stone seem to have been lost and people seem to expect that they should just be able to walk into the home of their dreams from the get go. now as far as i'm aware, it has never been like that.
When I bought my first flat in London a few back, I was renting a 2 bed place in Wimbledon, given that prices for the same type of property on the same road were around the 400k mark, i was never going to afford that, so i happily looked in less prestigious areas and got myself a really nice 2 bed flat within budget.
Even looking today, there are loads of 1 bed flats in the area (Norwood Junction) starting around £130K, and this is only a 11 minute train journy to London bridge so not like its miles out.
As for these rejuvenated areas in inner London: don't be fooled, you're just as likely to get in trouble there, remember, it tends to be streets or parts of areas which have "improved". The towering intimidating council estates are still there.
London is still London, it's just Marketing that has improved.
Thankyou4calling said:
One of the reasons I posted is because you often find people say how cheap property is in other countries when they aren't comparing areas similar to those in London.
It's all very well saying you can buy a four bed house 30 minutes from Alicante for 125k but Alicante isn't the capital of Spain.
you couldn't do that in 99% of the UK ... and where you could it'd be a rotting ex council house in the arse end of nowhere at the back of still owned by the council and used as dumping ground for challenging tenants because it over looks the rendering plant and sewage works ( and there's no other workplaces within 5 miles)... It's all very well saying you can buy a four bed house 30 minutes from Alicante for 125k but Alicante isn't the capital of Spain.
Atmospheric said:
TKF 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 fk off home and leave my beautiful city to its children.
It's the detailed brags that really make this post rather special.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.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff