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to feel sorry for housebuyers in london central re prices

(106 Posts)
isseywithcats Thu 06-Nov-14 11:47:29

i was watching homes under the hammer this morning and a studio flat in aldgate when done up was worth £380000 omg how do people in central london afford to buy houses or flats when what is basically a bedsit is worth that much money, i live in yorkshire and the prices round here are on average between £60000 to £100000

trainersandaches Thu 06-Nov-14 12:05:16

I live in Zone 2 and the house prices are completely unattainable.

I'm 31 and my parents are having to lend us the money to get on the ladder and even with that it looks like we'll have to move miles out to get somewhere.

I'm a bit embarrassed really because none of my siblings had to be helped in this way. My mum and dad are not rolling in it but will be investing their final salary lump sums in our house.

My DH and I have just got better-paid jobs but would be saving for decades to raise the money for a down payment.

Pootles2010 Thu 06-Nov-14 12:06:53

My BIL and SIL have a flat that's gone up 100k in a year. Its obscene, really it is. How are you meant to save a deposit when they're going up that fast?!

nottheOP Thu 06-Nov-14 12:13:05

YANBU. Even if you have parents that can help you with the deposit there's very little disposable income leftover, especially if you have to pay your parents back as well as the mortgage.

I just don't get the London thing but it doesn't carry a premium for my job so I'm better off up north

youareallbonkers Thu 06-Nov-14 12:17:25

I do feel the prices are ridiculous but only because people will pay them. No one HAS to live there

Pootles2010 Thu 06-Nov-14 12:20:26

Surely people who have jobs there do You? Or do you mean they could commute in?

Failedspinster Thu 06-Nov-14 12:26:47

YANBU. It is preposterous and ordinary people are being driven out by inflated prices. My brother and SIL are looking to buy somewhere near where they currently live in Wandsworth ATM. SIL's parents have very generously given them a deposit which alone would have bought our 3 bed semi in Nottingham AND left twenty grand over to do it up nicely. Even with this, they're struggling to find anywhere affordable.

I reckon that the housing market in London should be properly regulated and landlords held to account to ensure that it's still possible for people on a reasonable wage to buy a house there.

BaffledSomeMore Thu 06-Nov-14 12:27:39

In very central London? No I don't fee that sorry because the "city' areas aren't really residential areas. It's people in London residential areas with ordinary jobs and city wage house prices where it's hardest.

sparechange Thu 06-Nov-14 12:33:20

No one needs to live in central london, and very few first time buyers would. Someone buying a studio in Aldgage is probably working crazy long hours in a bank and using it as a crash pad, so you don't need to worry about them.

Yes, prices in lots of areas are crazy. One bed ex council flats in Chelsea are half a million. But 3 bed houses in Catford, which is commutable to central London in 20 mins, are £300k, which isn't so crazy if you are used to paying £1500 in rent. Deposits are always going to be an issue, but lots of parents are willing to help, and people looking at houses will often have one or two flats to sell to raise the deposit.

codandchipstwice Thu 06-Nov-14 12:36:59

I don't feel sad about London Central per se but I do feel sad that many of us Londoners have been priced out of our areas. The area of London that I grew up in has become so ridiculously over gentrified that a 3 bed terrace now sells for over £1million - so all of the people I grew up with are scattered all over the place as none of us can afford to live within many miles of it.

Thankfully 2 DBs and DSis have moved within 5 miles or so of me (London miles - so still 30 mins of so away) but other DB is about 40 miles away as cheapest they could afford, and ma and pa 12 miles but over an hour away.

The area I live in now (not gentrified or posh in any sense, same 3 bed terrace worth about £300K) is full of people who have grown up here and have many family members still nearby - so I am hopeful my DCs may be able to experience what I can't.

MillionPramMiles Thu 06-Nov-14 13:14:40

Like any other family Londoners would like good schools nearby, access to green space, a degree of safety, a garden (even a tiny one), enough bedrooms and a manageable commute that can be balanced with childcare.

All of which comes at an exorbitant cost. If most of the above criteria aren't relevant/important to you then of course you have more choice.

Schools and hospitals in London are being drained of talented, experienced staff who can't afford to live here.

And whoever said 'no one has to live in London' - er yes, some do if they want to be employed.

LaurieFairyCake Thu 06-Nov-14 13:25:17

What's Catford like sparechange?

There's some lovely houses on Rightmove there - 20 minutes is quick

heartisaspade Thu 06-Nov-14 13:37:58

Message withdrawn at poster's request.

heartisaspade Thu 06-Nov-14 13:38:15

Message withdrawn at poster's request.

BarbarianMum Thu 06-Nov-14 13:41:08

Housebuyers in London are some of the richest people on the planet, why would I feel sorry for them?

Maybe save your sympathy for all those who rent for life, or face long commutes to work, or languish for years for housing on council/HA waiting lists, or are shipped off to Birmingham by their Local Authorities because no local housing can be found for them.

Dh and I are Londoners. We left in our 20s. Relocation is possible and necessary for very many people .

SeptemberBabies Thu 06-Nov-14 13:42:16

I've got a large 4 bed detached house with a big garden in a lovely village on outskirts of Nottinghamshire.

Worth about £200K - £220K. You couldn't even get a 1 bed bedsit in London for that. How does anyone afford a family home?

Madness.

isseywithcats Thu 06-Nov-14 14:01:25

ok maybe i should have taken out the central bit it was relevant to this bedsit we moved from croydon in the eighties could afford the mortgage on a 3 bed house then it was worth £58000 when we sold it in 1987 recently checked prices for the same road and houses there now nearer £150000 so even on the very outskirts (kent surrey border) prices are unbelievable

codandchipstwice Thu 06-Nov-14 14:03:08

Barbarian you should preface that with SOME - I work in admin for a University and DH for a trade union so we are not rich by a long chalk, but both our families are in London - plus DH area of work is tied to London (Parliament) and he commutes 1.5 hours each way per day.

We'd have been sunk without families nearby ish - I had severe PND after 2 of my kids and family was my lifeline - plus they helped/help with childcare/sick children etc.

We were lucky and bought in 2006 before prices were silly high but when mortgages were being handed out like sweets - no way would we have got on the ladder today.

We are currently in £40k of debt (was £60K) due to me working for many years for no or minus money after paying childcare costs - so whilst not asking for sympathy I am asking for awareness that we are not all rich priviledged types (my local foodbank has fed 3000 families since Jan - we live in zone 5 - and is one of 4 in my borough alone)

codandchipstwice Thu 06-Nov-14 14:04:02

issey I'm exactly there, South Croydon - and 3 beds here are now well over £300K

Shlep Thu 06-Nov-14 14:08:58

I'm on the London/Essex border, it's expensive but it is possible to get a fairly shit and quite small but liveable place on the average wage (that's us). I think something like between 1 in 4 and 1 in 3 Londoners are living in relative poverty, though, and not many of those who aren't can afford a home. When we moved here, it was more pricey than up north obviously, but affordable.

BarbarianMum Thu 06-Nov-14 14:11:40

Sorry cod I wasn't clear. I know that lots of people in London (including home owners) are not well off. But anyone currently able to buy there, is.

writtenguarantee Thu 06-Nov-14 15:41:16

we bought ex-council in central london a few years ago. That's the only way we could afford anything that wasn't a closet in zone 2.

Ex-council can be a mixed bag, but for the same floor space and location you could easily pay 1.5 times for the cheapest period place.

about being the richest people on the planet - if we are it, the state of the rich is pretty grim!

AndyWarholsOrange Thu 06-Nov-14 15:58:24

Barbarian but that's exactly the problem - only rich people can get on the property ladder in London at current prices. That really can't be a good thing.
And as for not 'having' to live here, there will come a time when huge numbers of teachers and healthcare staff will simply move or won't move here in the first place. What will happen to all the children who still need an education or to people who get I'll and need treatment?

LaurieFairyCake Thu 06-Nov-14 16:04:23

They won't, employers will just have to pay more.

We're moving from our 3 bed/3 reception room house to a studio/1 bed if we're really lucky in Central London grin

A new adventure, Dh's salary will likely go up a bit (15k ish) - teaching. For the same job.

youareallbonkers Thu 06-Nov-14 16:50:40

They could commute, the outskirts of london are much cheaper, or they could get new jobs elsewhere. I used to live in central London, now I do not.

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