Awful London house prices

[crazyhead]

Am I the only one to be depressed looking at houses to buy in London this Spring? Asking prices are way higher than ever before. It is so grim knowing that you are basically going to be funding a glamourous retirement for anyone in their mid 40s plus, while you are harnessed to really frightening debts.

All my friends work really hard/are really well qualified and the only ones who aren't screwed by it either have minted families or had the 'foresight' to go into a job in private equity straight after university.

I'm mid thirties - not even young! - so I dread to think how rubbish it is for younger Mumsnetters

And although of course it is better outside London, it isn't so easy to leave family, friends, and of course work behind.

Anyway, rant over, but wondered if anyone else feels my pain...

Yes, very depressing. Deep sympathies!

Well, I don't know - there seem to be some areas in London which look quite good value for money, considering prices in the South-East generally. I was amazed by a gorgeous house that a couple of friends of mine were able to afford. Maybe the area isn't considered very desireable!

yes. Me and dh are reasonably high earners, and still can't afford a house in a middling-notverygood part of London. And we have some equity behind us. i feel very sorry for first time buyers.

I'm paying a vast amount of rent for someone else to own a house I could never afford to buy.

Perhaps there are a few cheaper areas left. Everything I've looked at seems to be crazy though, and we've looked in quite a lot of places. The trouble is, it just feels impossible to know whether buying is a sensible although scary thing to do, or the equivalent of chucking all your savings at the horse races. I never set out to be a flipping speculator just to have somewhere to live.

So many of the family houses are now just lived in by retired couples, while people with families actually need the space just can't afford it.

ps the South East generally is a bit crazy I know, Grendelsmum, especially when you consider that wages are lower outside of London. Basically, there just isn't enough housing stock

I don't particularly want to make money (although I wouldn't buy if I thought property in London was going to decrease in value - I don't) - I would just like to live in a house I own. I resent paying someone else's mortgage and growing their retirement nest egg.

Meanwhile I own a house in a different city that is going down in value....

Bit sour grapes. You can't afford the mortage so you have to rent. Yes you are paying his/her mortage but that's life.
So what if a retired couple are living in a large family home. It's theirs!

I really sympathise BeattieBow. The rent situation is just so miserable, and the thing is, if you have children, you just need to live somewhere decent - you can't go into a house share or anything cheap.

I keep thinking how marvellous it would be if things just stayed flat, and you could actually just save up and be confident that you then afford somewhere due to being careful and working hard. But it just doesn't work that way, and that's what is tough.

It wouldn't matter if retired couples lived in houses if more were being built in areas where the work is Kilmuir. But they aren't.

I couldn't afford to stay in London (single parent) and buy a house so I moved out. Even though I'm mid 40s!

You should check out sw15.....

4 bed house moments from Barnes Rail into Waterloo

or this

or this

or this

I'll have a look QS. Maybe I've just got a knack of looking at bonkers areas or something.

And point taken DH, I'm sure it isn't just the under 40s who struggle in London. I'm beginning to see the advantages of the sort of job which transfers easily....shame I never thought that one through before!

Are you posting those suggestions as 'affordable' QuintessentialShadows??

I lived briefly in London (2.5 years). I worked as a lawyer in a magic circle firm on 6 figures (including bonus) and DH was earning around £70k as an IT contractor. That would have been the price range we would have been looking at had we decided to stay in London long term.

I really don't think SW15 is a good place to start looking if you're after a bargain! Those houses are incredibly expensive for what they are (and I say that as someone who lives in Richmond).

I love surburbia,

I would never move back to the part of West London where I grew up even if I could afford too. ALthough it is a shame that my children will never walk the streets where three generations of my family were born & bred.

Most of the suburbs have quick access into central london via rail. I am 20 mins by train from Wimbledon and therefore the district line.

You could try - Raynes Park, Southfields, Merton, Surbiton, Kingston, Chessington, Claygate, Hinchley wood, Thames Ditton, East/West Molsey, Banstead, Hampton, Whitton

The prices between those area, vary a lot but that is down to the type of housing available and other desirability factors, like good rail links, schools etc

Meant to say, I have a friend from school who lived for a number of years in Eltham - I reckon that is as close to 'affordable' as you get in London. She sold her 2 bed flat with private garden 10 mins walk from the station for £180k last year and has moved out to Falconwood. Eltham is, IMO, a bit tatty round the edges but feels safe and is largely populated it seems by old Londoners - i.e. people who have grown up there and who still have family in the area. So it has quite a nice sense of community and 'settledness' I think. The high street is ugly but you can't have everything.

also going more westerley

Ruislip, Slough, Windsor, Iver,

I lived in eltham for Years and have family that still do. Would agree with most of what emsy says

Only 'most' Gigondas?

I like Eltham, I stayed with my friend there for a month after I finished working in London (lease on our house expired, our purchase up north completed & DH moved up here while I stayed on). I know my friend was very happy there for over 10 years and would have stayed in the area if she'd been able to afford to step up the ladder - she had lovely neighbours and never any problems with crime or anything like that.

I've mainly looked in north london, which I have to say is worse - relative to swathes of areas QS's suggestions do honestly look reasonable. Tottenham is a little cheaper, but not much.

That's the thing, emsyj, places that would have been fine on a teacher's wage really are now only affordable for magic circle wages! Londoners are suckers I suppose

Maybe I won't be living near family :)

Interesting thoughts GetOutMyPub

I would actually be more positive than that - I grew up there so know there are nice parks, leisure facilities etc . High street is a bit down at heel but that isn't new (I live somewhere more expensive - not that it means a lot as our high street makes eltham look like Marylebone high street).