Is London property as expensive as some think?
Discussion
Hackney said:
9mm said:
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.
You know Watford isn't in London don't you?Hackney said:
9mm said:
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.
You know Watford isn't in London don't you?Do we really want to be encouraging young people to take on massive mortgages to live in dodgy peripheral areas leaving them very exposed to rates, the economy etc. London doesn't look good now imo...what is going to happen to all of these people who have £500k+ mortgages in peripheral areas of London when the economy doesn't look so great etc etc
MrCheese said:
That is a good comment, Watford isn't in London. I think a few people here don't appreciate the hours worked in C London when earning these "above average" salaries. It's no good being 20 mins to Euston - the offices are in the City of C Wharf. I notice no-one has commented on the main point I made - vast areas of "proper" London sit vacant and are owned by foreign money that is being parked etc.
Do we really want to be encouraging young people to take on massive mortgages to live in dodgy peripheral areas leaving them very exposed to rates, the economy etc. London doesn't look good now imo...what is going to happen to all of these people who have £500k+ mortgages in peripheral areas of London when the economy doesn't look so great etc etc
no we don't, and what goes up, can come down, if demand reduces, for example.Do we really want to be encouraging young people to take on massive mortgages to live in dodgy peripheral areas leaving them very exposed to rates, the economy etc. London doesn't look good now imo...what is going to happen to all of these people who have £500k+ mortgages in peripheral areas of London when the economy doesn't look so great etc etc
Claudia Skies said:
What's needed is to clear out all the people living in London on benefits and in council houses who are sitting pretty while people with jobs can't afford to live there. Crazy situation.
What about the ones who are working very hard but live in a country where the government would rather take on debt to pay in-work benefits to them than address their actual issue?Yazar said:
Claudia Skies said:
What's needed is to clear out all the people living in London on benefits and in council houses who are sitting pretty while people with jobs can't afford to live there. Crazy situation.
What about the ones who are working very hard but live in a country where the government would rather take on debt to pay in-work benefits to them than address their actual issue?the problem is it starts with people chucking around godwinesque threats when the topic comes up.
hornet said:
Hackney said:
9mm said:
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.
You know Watford isn't in London don't you?Research shows that late 20's and early 30's Londoners are now fleeing the capital once it is time to settle down and choosing Bristol/Manchester/Leeds/Brum etc and can't say I blame them- wages maybe a little lower, but property and cost of living is very much lower so probably better off.
Why live in some generic town that is 'commutable' to London when you can live closer to a city and actually have the time and money to appreciate what it has to offer.
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...
mph1977 said:
Yazar said:
Claudia Skies said:
What's needed is to clear out all the people living in London on benefits and in council houses who are sitting pretty while people with jobs can't afford to live there. Crazy situation.
What about the ones who are working very hard but live in a country where the government would rather take on debt to pay in-work benefits to them than address their actual issue?the problem is it starts with people chucking around godwinesque threats when the topic comes up.
Yazar said:
You have missed my point. I asked not about the 'unemployed' but the 'employed' people who cannot survive on their wages without top up benefits i.e. the cost of living is so high that employers wages are not enough.
Subsidising wages distorts the market and is a bad thing. If there were no people willing to work as dustmen, bus drivers etc then the market would soon increase their wages to the point where people did want the jobs.Subsidised housing has exactly the same effect. It makes no sense for the low paid to be able to afford to live in places which higher paid workers cannot afford.
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?Blib said:
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.
Or, you could always gift your daughter a helping hand such that she need not move away? Seems a bit rich to be complaining when you're part of the problem yourself.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.
Not read the whole thread yet, so apologies to anyone I've echoed.
I'm nobody's idea of a soap dodging commie, lest anyone charge off down that route, and have no issue at all with your acquisition of multiple properties.... But were I in your situation (and I may be by the time my children reach 24), I know what my preference would be.
LucreLout said:
Blib said:
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.
Or, you could always gift your daughter a helping hand such that she need not move away? Seems a bit rich to be complaining when you're part of the problem yourself.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.
Not read the whole thread yet, so apologies to anyone I've echoed.
I'm nobody's idea of a soap dodging commie, lest anyone charge off down that route, and have no issue at all with your acquisition of multiple properties.... But were I in your situation (and I may be by the time my children reach 24), I know what my preference would be.
London is horrendously expensive. Areas that aren't exactly upmarket like Camberwell have housing prices far beyond the reach of the average working person, let alone those at the start of their careers.
To my mind, most of this comes from governmental support of rental properties for low income people, if this were to be completely withdrawn and allow the market to correct itself, there would be a far more reasonable rental price and the home prices would reflect a reasonable rate of return for a given rental income.
To my mind, most of this comes from governmental support of rental properties for low income people, if this were to be completely withdrawn and allow the market to correct itself, there would be a far more reasonable rental price and the home prices would reflect a reasonable rate of return for a given rental income.
GavinPearson said:
London is horrendously expensive. Areas that aren't exactly upmarket like Camberwell have housing prices far beyond the reach of the average working person, let alone those at the start of their careers.
Just like on Union Street in Southwark. New apartments have been built ranging from £750K to £2.5Mil for a penthouse suite!! Right opposite you have a housing estate.DukeDickson said:
LucreLout said:
Blib said:
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.
Or, you could always gift your daughter a helping hand such that she need not move away? Seems a bit rich to be complaining when you're part of the problem yourself.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.
Not read the whole thread yet, so apologies to anyone I've echoed.
I'm nobody's idea of a soap dodging commie, lest anyone charge off down that route, and have no issue at all with your acquisition of multiple properties.... But were I in your situation (and I may be by the time my children reach 24), I know what my preference would be.
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.
Blib said:
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.
Yes, you thrived so much you bought up properties to rent out in Limehouse and drove the prices up.AND THERE'S MY POINT.
They are being priced out and my city will suffer in the long run.
FFS!!!!
Are your posts on this topic some kind of wind up, or can you genuinely not see that you've caused the problem you're moaning about.
Just to jump in on the travel part.
I live in SW London. I pay £1200 a month for a tiny flat as I want to be near my kids, who live with their mum in the house on which I have a £220,000 mortgage. This means that in my 50s with a decent above average wage I cannot even afford to buy a studio flat in my part of London, but I digress......
I often have to work in Stratford, East London, a complete s
thole but now getting more expensive by the day, which is about 14 miles away. Whether by car or public transport, I have to allow 2 hours each way in order to make sure that I am on time. You just cannot be late.
That's 4 hours a day spent commuting across my own town.
I'd love to move out but can't while the kids are here. My landlady is Russian by the way. Owns two flats including this one. The rents from both pay for her kids to go to private school.
If only I had been as astute years ago.
I live in SW London. I pay £1200 a month for a tiny flat as I want to be near my kids, who live with their mum in the house on which I have a £220,000 mortgage. This means that in my 50s with a decent above average wage I cannot even afford to buy a studio flat in my part of London, but I digress......
I often have to work in Stratford, East London, a complete s
thole but now getting more expensive by the day, which is about 14 miles away. Whether by car or public transport, I have to allow 2 hours each way in order to make sure that I am on time. You just cannot be late.That's 4 hours a day spent commuting across my own town.
I'd love to move out but can't while the kids are here. My landlady is Russian by the way. Owns two flats including this one. The rents from both pay for her kids to go to private school.
If only I had been as astute years ago.
TwigtheWonderkid said:
Yes, you thrived so much you bought up properties to rent out in Limehouse and drove the prices up.
FFS!!!!
Are your posts on this topic some kind of wind up, or can you genuinely not see that you've caused the problem you're moaning about.
Calm down. FFS!!!!
Are your posts on this topic some kind of wind up, or can you genuinely not see that you've caused the problem you're moaning about.
I've owned my properties for decades.
The problem of ridiculously high prices was causd by "foreign investment vehicles" paying stupid money for homes, many unseen. They then nust sit on them for a year or two before spinning them over for a healthy profit.
These homes are no longer dwellings, they are merely cash cows like gold or shares.
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