Is London property as expensive as some think?
Discussion
A year or so ago I was listening to Jeremy Whine on radio 2 discussing London property prices.The guest was a journalist who was complaining that her poor children would never be able to afford to stay in London and that they should stop foriegners buying property. The best laugh of all was when an old codger from Cornwall came on and told her to get stuffed,he said there was no complaining when all the London nobility came to Devon,Cornwall buying up all the cottages so the locals couldn't afford them and he was SPOT ON!!!
TwigtheWonderkid said:
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 f
k 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.
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.
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.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
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 .
Could you not let her either have or at least live in one of your several London property's that you own outright..?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
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 .
I know if it was my daughter and I could help out , then I would.
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.
When looking at prices in C London a few years back the above was valid but today that above is just out of date. Some 30something (not 20something note) buying an iphone isnt the issue - central London is just flooded with dodgy foreign money laundered or sheltered in property. Entire streets sit empty, newly renovated blocks are sold instantly to foreigners who never live there.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.
I speak from direct personal experience - I live in such a street in C London, my flat is literally the only one with lights on. It is a joke. Say 10 years ago a young person could save hard and buy in a good area of London, today it is impossible. You may as well buy the iphone...
Justayellowbadge said:
Cool.
On what salary?
Well we did it with 6 figure combined and my younger brother did it with £35k combined so I guess it's available through the normal spectrum of borrowing? We went for 5% but fell at last hurdle as someone had missed a payment on a store card so had to do 10%. Brother went through with 5%. On what salary?
okgo said:
Well we did it with 6 figure combined and my younger brother did it with £35k combined so I guess it's available through the normal spectrum of borrowing? We went for 5% but fell at last hurdle as someone had missed a payment on a store card so had to do 10%. Brother went through with 5%.
220k mortgage on 35 combined, with 30 down? If that exists, nobody should be complaining they cannot buy a home.
audidoody said:
You daughter's pals are buggered because they want to live in fashionable London post codes near to the latest fashionable latte shop. There are plenty of affordable flats in Watford.
This. And not only Watford. In many areas of London there are cheap flats available. These poor people need to understand dream homes tend to be your fourth or fifth, not the first. okgo said:
I don't know what you're getting at.
If you earn around 50k combined and had 5% deposit you'd get a mortgage on a property at that level. As also has been said, they may not be pretty but they are about.
My point didn't get made as it got technical. But if a ftb can get a 250k property on a combined income of 35k with a 5% deposit then I don't even need to argue my point. If you earn around 50k combined and had 5% deposit you'd get a mortgage on a property at that level. As also has been said, they may not be pretty but they are about.
Which was, that if you are buying in London, you are by definition going to have to be on an income level that means owning an iPad or having a mobile contract is going to make precisely f
k all difference to your affordability criteria. It's a mindset thing though. Many defeat themselves in their own mind before even trying to scrape together a deposit.
Anyway, blibs daughter will likely be on peanuts and as it's meeeja they all want to be somewhere trendy so no it won't happen. Should have used her degree to get into something that pays better if it's such a concern I guess? A grad at a magic circle firm will earn more in year 1 than someone who's done well and got 4-5 years behind them in a media agency.
Anyway, blibs daughter will likely be on peanuts and as it's meeeja they all want to be somewhere trendy so no it won't happen. Should have used her degree to get into something that pays better if it's such a concern I guess? A grad at a magic circle firm will earn more in year 1 than someone who's done well and got 4-5 years behind them in a media agency.
The iPhone comment... it's just an example of a consumer culture which inhibits peoples' ability to budget or save for things they'll eventually need - like a home of their own. If you work in London, your salary is likely to be higher than the national average - the common complaint concerns the difficulty in raising a deposit. It's not easy with high rent, transport costs, but people don't seem to help themselves...
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