Aside from the OPs specific issue, this whole housing mess isn’t just a London or Uk problem. It’s increasingly affecting people in cities worldwide and it’s so disgusting. A friend of mine had to leave Athens when she split up with her boyfriend as the average salary and rent there just didn’t match up.
I can only imagine the very rich are making a lot of money from this.
I’ve noticed people are making poor decisions because they’re feeling rushed. When I moved out of London I was lucky enough to get a new build housing association flat which gave me a bit of breathing space after paying ever rising private rent for my whole adult life.
There was the option to buy it too, so I was initially going to buy myself as I don’t live with my partner, using shared ownership or something similar. But for now I’ve just happily stuck to renting. It’s £650 pcm for a 2 bed flat. I was paying £1250 in zone 5 London for a one bed flat two years ago!
My work is still in London but I only need to attend the office once a month and they pay for travel. So I’m very fortunate about that.
I’ve now looked into it and seen shared ownership can actually be a total pain in the butt plus being in England it will be a leasehold and may come with steep rises to the services charges.
Other single people I know got trapped and are now regretting their decision as shared ownership isn’t right for everyone. And it’s harder for single people to but unless they’ve been living with family. I have travelled a lot the past few years and I know I could have scraped the moment for a deposit if I’d given all that up but tbh I didn’t want to. I’m ok with not drinking and not socialising every week, I don’t get takeaway nowadays either but I do find travel important for my mental health. I know some people will go on about millennials buying avocados when they should be saving but I do believe middle income people shouldn’t be expected to pour all they have into buying a property just to secure housing.
I plan to build up my savings in 2025 and look into what is the best option for me long term especially with the expected leasehold reforms coming up. I am not averse to leaving this country if I can get remote work or higher paid work within the country I move to.
I don’t know what the solution is but the governments worldwide really need to get a grip of things.