The current majority of property owners are those who purchased their property a while back or investors.
The current property market in London is booming horribly meaning that buying property has become a luxury more than a necessity. For those of you currently living with your parents in London and are planning on buying a house in the future, start dreaming.
Average 2 bedroom apartment in Central London is around £450,000 - £500,000. Outside of the centre: £380,000 - £450,000 (Hayes, Harrow).
These are only current figures property owners are accepting to sell at. Property prices are expected to rise £100,000 - £150,000 over the next 5 years. So, the average price of a 2 bedroom will become £600,000.
Even if you're on a £40,000 salary and you have £150,000 saved, the bank wont give you a mortgage on a flat. You're required to have £50,000 gross income and around £180,000 deposit in order to take a mortgage. Even then, your whole life will be wasted trying to keep up with monthly repayments. Forget that fancy holiday, that nice car or anything you were planning on.
So, house prices are at an all time high, taxes are ruining workforce motivation and living has become a luxury. Hail conservatives, make the rich richer and the poor poorer.
Living in London is becoming close to impossible.
|Why bother with a post grad? Are they even worth it? Have your say!||26-10-2016|