How will people afford London property now the booms are over?

[colonistat]

Now that London property prices have reached unattainable levels even for city workers, how will people afford houses?

Yes of course you can spend 40 minutes on the tube out, or live in a less desirable area. But who can seriously afford a £2m home that 20 years ago could have been bought by a couple working in the city, relatively young?

Most of my London friends who own homes in nice areas have been fortunate to buy before the booms and therefore move up.

Prices in the centre have fallen by us much as 6% according to an article I was reading.

Can you see house prices falling further, enabling the new generation of families and couples to buy in London?

You’re making multiple posts of same thread
Hackneyed digs about less desirable areas,inferring they are unsuitable for a certain sort
There’s a lot to say about affordable housing.yiure not saying it

I spend 40 (45 actually) mins communting from not a very nive area to my job in the City. I'd love love love to live in Clapham, Islington or Hackney but i can't afford it so i don't. I still count myself as incredibly fortunate to own a house and honestly i think it's odd that you would feel sorry for someone in my position!

There will always be investors buying up properties in London which just sit vacant.
It's not a place to live to them but seen as a bank account.
It's not done for short term gains so a short term correction in house prices isn't going to stop them or make them sell up at a loss.

What would you call less desirable and why?
What is less desirable to you may not be to someone else.I live in East London and love where I live for a multitude of reasons. We are a young couple who can afford the expensive houses, but we chose to stay here.

Average house price in my area is around £700k for a 3 bed family home on Crossrail. It's value has already significantly increased since we purchased 4years ago. I am a 20minute commute from The City.

People are obsessed with London house prices falling.No. They will, in my belief, stagnate for a period, possibly drop slightly for a period of uncertainty, but will continue to be ball park the figure it currently is because of the regeneration of areas pushing cheaper housing out. A house in my area is simply not going fall £100k in price and if it does, those that own won't sell unless they need to.

Now that the 'boom is over' - whatever boom that is -it's not suddenly going to create a wave of available and affordable housing for 'young people'. You can either afford to live here now or you can't and won't until you earn enough money to do so.

Another thing to consider is that Over the last few years trends in house purchasing changed. First time buyers stopped looking at the 1 bedroom flats/ smaller houses to get them on the ladder, and started looking at the bigger homes to stay for longer because of the expenses of moving and selling. So it's not that they can't afford homes in these areas, it's that they can't afford what they want.

People have been waiting for a housing crash since 2010......

Prices are not just falling in the most expensive areas. They're definitely coming down in two SW London areas I watch. One of which is leafy, has always been 'nice' and not cheap. The other is one of those areas many people were once very sniffy about, but is now seen as perfectly acceptable by the majority - who were priced out of 'nicer' areas.
There's a lot of talk of price falls all being down to Brexit, but when prices had gone so crazy - prices in the less 'nice' area above had more or less doubled in only 7 or 8 years, something had to give eventually - they had simply become unaffordable for so many people.