to feel sorry for housebuyers in london central re prices

[isseywithcats]

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

I was brought up in zone 4 of London in the days where everyone pretty much lived in a nice council house if they needed to and everyone had whatever job it was they were good at but could always afford the rent. Those that could buy did and those that couldn't knew that they always had a decent roof over their head to look after their families. It breaks my heart to see how things have disintegrated in the last 25 years and how people are finding life such a struggle.

Yes, I feel horribly sorry for people who can't afford to buy a decent place to live within a reasonable distance of Central London. We were so so lucky to buy when we did In the area we did - our bit of zone 2 was considered a bit of a shithole when we bought 5 yrs ago, but it is now very gentrified and getting more so. Our house has more than doubled in value in those 5 years, which is terrifying but irrelevant really as I doubt we'll ever move and cash in so to speak.

That sounds rather precious, Bells. You could both work in different specialisms or sectors, I'm sure. What if you were made redundant?

I know you're not talking to me, Argy, but I'm being made redundant and there just isn't the work outside London that I could realistically apply with a chance of getting an interview for. I'm looking every day but there's so much work here compared to outside London. Freelance friends who work in media up north are struggling.

I don't think Bells is being at all precious.

I don't think anyone who is actually a housebuyer in London needs to be felt sorry for, they are the fortunate ones really as they are earning enough and have a deposit. We were in a position to buy here a few years ago but only in our 30s and having saved hard for a deposit for 10+ years. We're in zone 1 and we're admittedly comfortably off, but I also have friends here in rented council flats, shared ownership flats (teachers/NHS staff) or are on middling salaries and bought ex-council flats. Those who did want the more traditional 3 bed terrace have moved to places like Chingford and Plumstead, which feel quite suburban to me and don't seem to have much going on, but are still affordable places in London.

Most people I know here are happy living here though, and have made that choice rather than move to cheaper places up north. Of course there are lots of great cities in the UK but many people just like the specific culture and opportunities here, and have built up a social network here. I can't imagine leaving here except perhaps to emigrate.

My children won't be able to afford to live where they grew up. If we sold our house now we would have 5k a week to realise.

I can't afford to live where I grew up now. I did a couple of years ago when prices evened out but now prices have gone bonkers in some areas.

In countries like Austria for instance you can't charge over a certain amount for rent as there is a cap and the tenant has to have the right to live there for at least 3 years. A lot of countries have very strict renting policies as in many countries like say Germany where most people do rent as opposed to own a property.

Ilford is Zone 4 though! The postcode/Essex as a county address is a leftover from the 60s when it became a London borough, isn't it?

It's absolutely absurd to suggest just moving further out and commuting in. A travel card of zones 1-3 is about £120pm, commuting in from somewhere 30 mins to Waterloo is £100pw.

Consider the travel costs too!!

Catford is definitely on the up with much redevelopment and only 20 mins to central London.

Even better is hither green just along the road - just 10 mins to centra london, beautiful houses but just not much else going on

How do people where I live (West Country) afford to buy houses on minimum wage when all the rich people have come down here and bought up our houses for 2nd homes?

I completely agree. I could never afford to live in the village I grew up in because it's now full of people from London who retired there.

I do feel sorry, but then again, I don't!

I kind of feel sorry for those who can't get onto the property ladder at all but nobody is forced to live there. Once you are on that ladder all my sympathy evaporates as the unearned income produced by your house will have an immense impact even if you can't see it right now. I say that as somebody who lived in the SE for 5 years in the 80s and has had a much nicer house in the North on the strength of that ever since.

...and yes, I do realise that you only realise that gain when you sell but you can do that at any time that you want or need to

What really does me is that as part of my job I see a lot of residential developments emerge from the ground and London residents rarely get a look at them as they get marketed first in Asia and buy to let market. If it was only very Central London it would be fair enough but I hardly think Manor House, Hounslow and other similar areas in zone 3+ are "luxury, prime investment"

If people were not so obsessed with the property ladder and crash pads maybe prices wouldn't be so ridiculous a 3 bed house is not worth a million pounds anywhere ever yet that Is what people are willing to pay for location

it's not so much being obsessed with property but more to provide stability for a family. I have moved 9 times in 8 years, lived in 5 different London boroughs, because of rent rises, landlords selling etc. Imagine doing that with kids of school age?

I have to laugh at Chingford being described as affordable, I live about 15 -20 minutes walk to the station and there is a 4 bedroom semi for sale down my road for £675,000.-, and it has a tiny 30 courtyard garden.

My specialism isnt actually all that specialist@Argy. Far from precious! London has the thriving job market. Thats just a fact, really. The public sector industries here are huge compared to any other part of the UK. Most of the people who did my MA a few years ago and came from outside of London have had to move IN to London to find employment or training contracts.it would be rather stupid of us to move OUT.

I dont think my husband is being 'precious' either. He simply couldn't find work in his industry outside of London (there is a small industry in Manchester...thats about it).

By the by for us, though, as we bought years ago and are OK. But I do feel for friends who are struggling. Some have moved out - to Sussex, Kent, Hertfordshire and a couple up north - but most need to stay for their work and just have to put up with high rents.

There are much better places in the UK to live than London. People in London want to chase their careers and money. London is all about money, it is a sad and souless place to live. I slightly pity Londoners, but not because of property prices.

happybubblebrain utter tosh

What drives me nuts about the central London property market is the amount of useless luxury flats being built for primarily foreign buyers, many of whom will leave the flats empty, so people who live in London don't even have a chance of renting there. There is a real supply and demand issue and I don't know why properties aren't being assigned to those who live and work in the UK rather than abroad. (and BTW I am an immigrant - sort of - myself)

My MIL was talking to an estate agent the other day and he said that the foreign buyers are now buying two £1million properties rather than one £2million property so they can avoid any potential 'mansion tax': and carry on paying no tax in the UK and contributing nothing to the economy.

Sorry, rant over. Back to my ramen now...

Why do people turn these threads into London bashing threads?

Green eyed monster, surely?

What tosh bubblebrain! London is a fabulous place.