Can’t bring myself to buy in London

MakingPlans2025 · 29/03/2025 19:03

You get to be in London, that’s what you’re paying for. If you don’t value that enough to pay extra then don’t do it.

MidnightPatrol · 29/03/2025 19:04

I already bought a house in London, but feel like this about trying to buy a bigger house.

The increased mortgage plus the frankly insane stamp duty to live in a marginally larger houses within a 5 min walk of this one… just crazy sums of money.

It will probably be what makes me leave eventually.

70isaLimitNotaTarget · 29/03/2025 19:12

I’m contemplating buying something I could live in outside of London and renting it out

So are you looking for a property for yourself or one to rent out and you be a landlord ? In which case you buy where you think people want to live .

Or is this an "Aren't London prices awful? thread ? .

You want London , you pay London prices . I;m in East London, my DC could no more afford to buy here than grow wings and fly .

Ddakji · 29/03/2025 19:15

oceangirly · 29/03/2025 18:48

I’m fortunate to be in the position to buy in London (with a large mortgage) and pretty much anywhere. However I just can’t bring myself to buy here as everything is so hideously expensive and you get very little for your money. Does anyone else feel the same?

I’m contemplating buying something I could live in outside of London and renting it out.

You do understand that that’s part of the problem, yes? You’re not buying a home to live in but as a business. Stopping someone else from buying that home to live in, thus reducing stock and driving up prices.

Rollercoaster1920 · 29/03/2025 19:36

But if you don't buy, you rent. And rent is crazy expensive too.
I wouldn't but a place elsewhere to rent out, being a landlord is a lot of admin, stress and risk. Your be better buying in London as you can afford it.

Givemethesun · 29/03/2025 21:11

I agree with pp. if you can on paper afford London then it’s up to you if you value London and its prices or not.

We value London so coughed up. Others dont so didn’t and yes they may have lower mortgage than us but I know I’d be depressed out of the city

sounds like you’re fortunate to have the choice x

friendlycat · 29/03/2025 23:19

If you want to live in London and can afford to that’s fine. If you’re not happy paying the premium to live there then don’t.

I lived in London for many many years and recently moved out. But I still miss London and it was a privilege to live there. Not sure with the benefit of hindsight that I would have made the move if I knew how I would feel.

Fupoffyagrasshole · 29/03/2025 23:22

Em no I don’t agree - I thought in London we are in a 2 bed - family of 4! But we can cycle to work in 15 mins and school and nursery are an 8 min walk! Don’t need a car and have all the shops I need and great public transport! Happy to pay more for that and happy to compromise on having less space

ruffledapple · 29/03/2025 23:35

I've lived in London almost all my life so I just think of London prices as the normal price of housing and everywhere else is amazingly cheap! I really love the London lifestyle so I feel like I get enough for the money - I always feel like it's not worth it for people who live a very suburbany lifestyle here and they might as well be living in a provincial town.

I wouldn't buy elsewhere to rent out though - you'd pay tax on the gains, and you could use the rent a room allowance if you took a lodger in your own home, whereas you'd pay tax on all the rent on a btl property. For me the PRR means buying a home here makes more financial sense than investing elsewhere.

Monty27 · 30/03/2025 00:11

@oceangirly you're going to invest in a property outside of London and get some mug to pay your mortgage while you rent in London or are you freeloading?

Monty27 · 30/03/2025 00:12

Suffice to say your type is of the kind that ruins londoners' affordability to buy.

Mirren22 · 30/03/2025 00:17

It’s a fun place to visit but no, I certainly wouldn’t want to live there and property value is not climbing. Fine if you can take on that risk and enjoy living there but there are much nicer parts of the country / other cities in the world that offer a better lifestyle

hookeywole · 30/03/2025 00:21

There are cheaper parts of London, what is your budget?

mondaytosunday · 30/03/2025 00:28

Yes there’s a London premium. Same can be said about New York etc. I swapped a detached 2500sq ft house with large garden and pool to live in a three bed terrace in zone 3. Worth it in my opinion. I’d like to live closer in but have dogs and kids. One day.

Tumbleweed101 · 30/03/2025 09:03

London housing prices reflect the cheap travel (compared with elsewhere), not needing a car, higher wages for the same job than else where and plenty to do. Council tax is lower too and you get better services. I grew up in London and my dad still lives there so I get to compare a bit against my semi
rural lifestyle.

I do miss living in London at times but couldn’t afford to move back under my current circumstances. I think if you buy outside London now there is going to be a good chance you may not be able to change your mind later as prices will carry on growing between in London and out of London.

SirDanielBrackley · 30/03/2025 09:03

Then do what a lot of Londoners (inc. me) have done. Get out.

Ginmonkeyagain · 30/03/2025 10:35

You are buying location not size. As others have said if you don't value the location as much as the size then look elsewhere. There is no right or wrong answer, just what works for you.

Feelingstrange2 · 30/03/2025 11:47

London prices are insane but at least you live in London with all the opportunities it affords you.

I'm in Cornwall. The prices appear lower but they are still extremely expensive for what most of us can earn as well paid jobs are limited. And we have no choice but to run cars in addition in order to literally get anywhere. And our water rates are probably higher as we have beaches to maintain, so that you can visit in the summer!

If you can afford to buy anywhere then go where you want to be! Lucky you!

Givemethesun · 30/03/2025 14:34

Tumbleweed101 · 30/03/2025 09:03

London housing prices reflect the cheap travel (compared with elsewhere), not needing a car, higher wages for the same job than else where and plenty to do. Council tax is lower too and you get better services. I grew up in London and my dad still lives there so I get to compare a bit against my semi
rural lifestyle.

I do miss living in London at times but couldn’t afford to move back under my current circumstances. I think if you buy outside London now there is going to be a good chance you may not be able to change your mind later as prices will carry on growing between in London and out of London.

Agree with you! Also seperately I am always shocked when people complain about tfl prices. The buses in the Sussex market town I grew up in are extortionate, come twice an hour and take forever. Trains likewise. TfL buses are cheap and the tube is ok price wise. Both are regular. We also only run one car in my household and that’s primarily used for long journeys to see family out of London as opposed to in London. Transport is great and affordable

I didn’t know that about council tax. That might give me the motivation to open the 2025/2026 council tax letter that arrived for me last week but I haven’t had the guts to open yet 🤣