Is London property as expensive as some think?

Is London property as expensive as some think?

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Thankyou4calling

Original Poster:

10,595 posts

172 months

Monday 22nd December 2014
quotequote all
I'm pretty familiar with London property prices and know via frequent visits to Rightmove how much it can cost to buy in most areas.

How does it compare though to other major cities ?

New York, Paris, Barcelona/Madrid, Berlin, Tokyo, Rio etc.

What areas in these cities would compare to Kensington, Hammersmith, Hackney, and if you took suburbs, how much would you pay for comparable properties in the suburbs similar to Twickenham, Purley or Woodford.

And what are the property costs like relative to our council tax, 1/2 percent estate agent fees and so on.

I know it's a big question but does any one have examples?


Maxf

8,402 posts

240 months

Monday 22nd December 2014
quotequote all
I always thought London was up there with the most expensive properties in terms of £/psf, but once owned the costs going forward were lower - with lower property taxes, no tax on primary residences and lower estate agency fees (plus others I'm sure).


schwarz993

286 posts

183 months

Monday 22nd December 2014
quotequote all
trickywoo said:
That's "high-end" new-build. Hardly representative of London.

Anyway - it may or may not be the most expensive in the world, but the link above is not solid evidence.

thehawk

9,335 posts

206 months

Monday 22nd December 2014
quotequote all
I don't think it is, I think places like Singapore, Sydney, Auckland etc are more expensive these days.

Thankyou4calling

Original Poster:

10,595 posts

172 months

Monday 22nd December 2014
quotequote all
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.

alfaman

6,416 posts

233 months

Monday 22nd December 2014
quotequote all
thehawk said:
I don't think it is, I think places like Singapore, Sydney, Auckland etc are more expensive these days.
Prime central Singapore is expensive - but I reckon now less than London.

Prices here have been pretty flat over the last 3 years ... Are edging down slightly.

Prime fairly new build in the equivalent of bond street / Mayfair / parklane etc is around 800 -1000+ Gbp Psf. For some ultra high end brand new stuff maybe 1400-1500.

The place I rent is a 2 story older condo with brand new Olympic pool , gym and facilities - high floor with good views. About 2700 ft2... Would cost about 2.5m Gbp to buy + stamp duty ... Rather less than prime central London.

crankedup

25,764 posts

242 months

Monday 22nd December 2014
quotequote all
Money still pouring into London property with plenty of 'homes' way beyond the average millionaires wallet. My old man used to live on the Isle of Dogs, what a crap hole, wish he had not sold when he did.

Meanwhile we are turning off street lights to save money!

Edited by crankedup on Monday 22 December 19:34

jonah35

3,940 posts

156 months

Monday 22nd December 2014
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Russians are buying even more now

kiethton

13,883 posts

179 months

Monday 22nd December 2014
quotequote all
I've done a fair bit of work on this but admitedly a few months ago...London prices have never been higher, however in constant currency terms they weren't yet above their previous peak for a few currencies (far eastern ones especially)

Blib

43,793 posts

196 months

Monday 22nd December 2014
quotequote all
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.

brickwall

5,192 posts

209 months

Monday 22nd December 2014
quotequote all
Yes, it is brutally expensive.

But so are Hong Kong and New York. Sydney and Zurich are also pricey, but that's mainly a function of an over-valued currency than compared to wages.

z4RRSchris99

11,221 posts

178 months

Monday 22nd December 2014
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2 grand a foot in nyc gets you into "mayfair"

our mayfair is over double

eharding

13,599 posts

283 months

Monday 22nd December 2014
quotequote all
Blib said:
If it were up to me, I'd tell them to fk off home and leave my beautiful city to its children.
How would you feel about a German resident of Berlin expressing exactly the same sentiment, in exactly the same terms, about your daughter if she decides to move there?

Blib

43,793 posts

196 months

Monday 22nd December 2014
quotequote all
eharding said:
Blib said:
If it were up to me, I'd tell them to fk off home and leave my beautiful city to its children.
How would you feel about a German resident of Berlin expressing exactly the same sentiment, in exactly the same terms, about your daughter if she decides to move there?
I don't give a monkey's about what a made up Berlin resident has to say about the situation, sunshine. Property in Berlin is affordable for the masses. That in London is not. smile

CAPP0

19,532 posts

202 months

Monday 22nd December 2014
quotequote all
I know of someone who owns a nice 4-bed detached house in a decent, sought-after area in Kent, and a small (borderline whether it's big enough for a couple to live in) purpose-built 1-bed flat in a 1960s block at the Wandsworth end of Battersea. Not ex-LA but you'd be forgiven for thinking so. The flat is due to exchange contracts in the next 24 hours and if that goes ahead it will sell for as much as, perhaps slightly more, than they could achieve on the 4-bed det house. Apparently if they had sold six months ago if would have made 10-15% more, according to sold records from the agent who says that back then they were intermediaries in daily bidding wars on similar properties.

eharding

13,599 posts

283 months

Monday 22nd December 2014
quotequote all
Blib said:
eharding said:
Blib said:
If it were up to me, I'd tell them to fk off home and leave my beautiful city to its children.
How would you feel about a German resident of Berlin expressing exactly the same sentiment, in exactly the same terms, about your daughter if she decides to move there?
I don't give a monkey's about what a made up Berlin resident has to say about the situation, sunshine. Property in Berlin is affordable for the masses. That in London is not. smile
Well, right now property in Berlin may be more affordable, but an influx of higher-earning foreigners - including your daughter - will inevitably have an impact property prices (or more likely, rents), which in turn will inevitably lead to exactly the same sort of problems that London is experiencing. If you're happy demonising the French in London, then don't start whining a few years down the road if you see a few Germans doing the same about Brits in Berlin.

Not that I expect they would, of course.



Blib

43,793 posts

196 months

Monday 22nd December 2014
quotequote all
eharding said:
Blib said:
eharding said:
Blib said:
If it were up to me, I'd tell them to fk off home and leave my beautiful city to its children.
How would you feel about a German resident of Berlin expressing exactly the same sentiment, in exactly the same terms, about your daughter if she decides to move there?
I don't give a monkey's about what a made up Berlin resident has to say about the situation, sunshine. Property in Berlin is affordable for the masses. That in London is not. smile
Well, right now property in Berlin may be more affordable, but an influx of higher-earning foreigners - including your daughter - will inevitably have an impact property prices (or more likely, rents), which in turn will inevitably lead to exactly the same sort of problems that London is experiencing. If you're happy demonising the French in London, then don't start whining a few years down the road if you see a few Germans doing the same about Brits in Berlin.

Not that I expect they would, of course.
And if EVERYONE in the whole of Europe moved to Berlin, then the imaginary Berliner of whom you speak will be really annoyed. But by then London property prices will have collapsed in direct contrast to those of Berlin, my daughter's master plan will be complete and she will be able to move back to her home city.

I'd wager that she will be carried shoulder high up the Mall by the grateful populace too.

But, I'm making this up and so are you. hehe

Oh and IF your aunt had had bks, she'd be your uncle.

eharding

13,599 posts

283 months

Monday 22nd December 2014
quotequote all
Blib said:
eharding said:
Blib said:
eharding said:
Blib said:
If it were up to me, I'd tell them to fk off home and leave my beautiful city to its children.
How would you feel about a German resident of Berlin expressing exactly the same sentiment, in exactly the same terms, about your daughter if she decides to move there?
I don't give a monkey's about what a made up Berlin resident has to say about the situation, sunshine. Property in Berlin is affordable for the masses. That in London is not. smile
Well, right now property in Berlin may be more affordable, but an influx of higher-earning foreigners - including your daughter - will inevitably have an impact property prices (or more likely, rents), which in turn will inevitably lead to exactly the same sort of problems that London is experiencing. If you're happy demonising the French in London, then don't start whining a few years down the road if you see a few Germans doing the same about Brits in Berlin.

Not that I expect they would, of course.
And if EVERYONE in the whole of Europe moved to Berlin, then the imaginary Berliner of whom you speak will be really annoyed. But by then London property prices will have collapsed in direct contrast to those of Berlin, my daughter's master plan will be complete and she will be able to move back to her home city.

I'd wager that she will be carried shoulder high up the Mall by the grateful populace too.

But, I'm making this up and so are you. hehe

Oh and IF your aunt had had bks, she'd be your uncle.
My aunt *does* have bks. Have you got a problem with that? hehe

Regardless, you're moaning about the French taking advantage of the freedom to live and work in the UK at the same time as announcing your daughter is considering taking advantage of precisely the reciprocal arrangement in Germany.

Granted, you didn't tell us if you informed her that if she did anything of the sort you'd disinherit her on principle - if you had, then at least you'd be consistent. wink

Edited by eharding on Monday 22 December 23:08

schwarz993

286 posts

183 months

Tuesday 23rd December 2014
quotequote all
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.