Poor value standard of living in London

[frakl]

Dh and I are lucky to earn well. We earn about 50k a year. We are fortunate to earn that and to not worry much about money or the like.

We have to be close to the office as work very long hours.

We are increasingly fed up with London and realising it isn’t worth it. We work 12 hour days in high stress office jobs and all we can afford is a 1 bed flat and modest savings. We live relatively well day to day, holidays, nice food.

But on 50k a year that I worked so hard to get to, I thought I’d be living a much better life than I am

I don't agree with any of this. It really depends on where one lives. Yes there's a lot of wealth in London, equally, there is a lot of poverty. All cities are like this. I think your earnings between you and your DH are great. Maybe you need a gratitude journal?

What is it that everyone thinks they should have exactly? A mansion? This thread is really weird.

@NonmagicMike where on earth in Putney were you? I lived in Putney from 1981 until 2014. What you just described is unimaginable. Still have close links.

Not once did I ever worry about the DC in Putney.

I am grateful that I know that I am income challenged. It is better to know now when I am 31 rather than 51. At least I have some time on my side to change it.

Yes there is sadly a lot of poverty in London. That requires huge government intervention and grassroots work to change. I am hopeful that as time goes by and the fallen middle classes begin to have more in common with the poor, they would join forces. Certainly now I will vote for a government that increases taxes over one that gives tax cuts to the rich. Because I know in the long run tax cuts will make us poorer as the rich will use the excess money to buy assets.

Like I said before when corporations start buying up homes en masses, that would cause a spike in rents as build to rent tends to be more upmarket and this will also cause a spike in property values. Former cheaper areas will become gentrified (this will spread outside London) . Tent cities have begun to pop up in Canadian cities. In Canada they have lots of land. We are an island. It will be very painful for us.

But at the same time I am somewhat optimistic that the worse it gets, the more likely the status quo would be untenable and there may be some change.

Just down from East Putney station by the Sainsbury’s there on the corner. Left circa 2018. If you are going to go out robbing and whatever are you going to head to rich or poor areas? The area was lovely, full of middle class families and the such. However as per my post, loads of problems. Lots of our neighbours got broken into too, cars stolen and stuff like that. Think a lot of the trouble came from around the estates in Wandsworth which still are rough as heck even to this day.

I know exactly where you were then. Just off the High Street. Probably Werter Road? We weren't far away and never had a moment's bother, neither did friends in Werter Road.

Their perceived quality of life issue is a direct result of the property bubble (thankfully now in the early stages of bursting) the only people doing really well in London are the really wealthy and those who know how to game the benefits system, those in the middle are just on the hamster wheel to keep the debt Ponzi going.

Yup I agree.

You won't get much for 500k in London apart from in an area or type of property that not many people would choose.

It's not surprising to me that OP can only afford a one bed on a double income of 100k, assuming she lives in a decent area not too far out. I'm not sure quite what your question is @frakl but it certainly sounds like time to consider moving out of London where property prices are cheaper and you could buy a house in a good area for the same price as your 1 bed flat.

One of the streets off oakhill. Maybe we were unlucky, but as I said, it’s the most hassle with thieving I’ve ever had living anywhere, although as per the above, the neighbourhood was very leafy and pleasant.

Area rated currently as an 8/10 ‘high crime’.

https://crystalroof.co.uk/report/postcode/SW151RT/crime

Obviously don't know what you both do for a living, but what about looking at a city like Manchester or Leeds?

£50k is not a lot for a very high stress job where you regularly do 12 hour days with no over time payments.

Ignore snobs like @Coffeecreme12 and @Twiglets1 we live in London (yes - actual London!) and £450k is a very decent budget for a flat where we are. A couple of zones further out and £500k will get you a nice little house.

It is - gasp - SE London with no tube though.

Also - how exactly do you feel poor? We have a similar household income to you. We own a two bed flat in London - we can afford our bills, we eat well, socialise, go on holidays , save well, have good pensions etc...

What exactly are you aspiring to? If you want classic 3 bed family house with a large garden and double garage, then no, you can' t afford that on your wages in one of the most expensive cities in the world. But you have other advantages in London - access to culture, an amazing job market, decent facilties and transport.

Work out what you want and stop whining.

honestly in london what matters more is family help. Most of us have family help (rent free living in my case),

Agree, I don't know any of my peers who didn't have some form of help including myself.

Also the ladder doesn't really exist anymore as pp pointed out.

Also "being near to work" in London is a luxury only really afforded to very very high earners or people lucky enogh to get social housing. Everyone else commutes. So you need to stop being so precious about that.

Many senior people at my work, who earn up to 4 times what you do and work long hours, commute in from the suburbs or home counties.

Eh? I never said 450k wasn’t a decent budget for a flat. It will get you a very nice 1 bed flat like the one OP currently lives in probably.

I was responding to the idea that it 450k or 500k would be enough for a 3 bed in London. I stand by my observation that this sum of money would not get you many good 3 bed options. Sorry if I’ve offended you though.

£450k - £500k is a very decent budget for a flats in a good number of areas of London and even a two to three bed house in some outer areas. Your knowledge of London is limited.

You haven't offended me at all. It just amuses me that people seem to dismiss whole areas of perfectly ordinary decent areas of London based on snobbery or ignorance.

Many senior people at my work, who earn up to 4 times what you do and work long hours, commute in from the suburbs or home counties.

This was true when I was growing up in the 80s but that's because many inner London parts were considered rough. I remember one teacher referred to my area as a ghetto! Now you need minimum of 800k to buy there. My in laws house in Hackney was 40k in the 80s, they now sell for 1.6m. And there was a lot more social housing.

It just amuses me that people seem to dismiss whole areas of perfectly ordinary decent areas of London based on snobbery or ignorance.

I do agree with this point but tbf many are ignorant because they aren't Londoners so they don't know certain places even exist & many just congregate in an area they've read about eg every young person who moves to London has to start in Clapham 😆

Well ok @Ginmonkeyagain I have to admit I can be snobbish about certain things like proximity to a tube.

@frakl isn’t commenting much so we don’t know if she would consider moving to an area with no tube. Undoubtedly you are right and if she did so she would find accommodation in outer London more affordable.

Set yourself free from the tube and you'll open up a whole swathe of more affordable areas of London! We have parks, museums, good schools and everything!

I actually am a Londoner @sorestupid in that I grew up there & lived there until my mid 20s & even Londoners only know certain parts of it not the whole city & its suburbs. But I do know how expensive it is as my daughter now lives there so I can appreciate how the OP can feel frustrated at having to live in a 1 bed flat despite having a combined income of 100k which in other places would be enough to buy a big detached house.

I do think that if you have family spread over & then friends who start settling (generally late 20s if not later) you do find out more about other areas etc & of course it's frustrating that money doesn't go far but not living somewhere with a tube line is not the end of the world or a dreadful place to live!

Plus lots of people who love "near" a tube line aren't that near eg a good 25min walk or bus ride

It’s all reflected in the price if a property is actually close to a tube or not. I’m guessing that where OP lives currently is fairly close to a tube hence the price of 450k for a 1 bed flat. But it’s a good point they may not need that with their next purchase & yes there will be nice places further out.