The Student Room Group

Londoners how will you buy a house in the future

The reality is that many of us might not earn the minimum salary of £77,000 and have a minimum deposit of around £100k

What are your plans?

According to other reports you may need a £140k yearly salary

house/flat etc..


http://www.standard.co.uk/news/london/revealed-staggering-salary-londoners-must-earn-to-buy-average-flat-in-the-capital-a3111251.html

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Rent
Commute long distances
Re-locate

No one has the right to buy property anywhere.
Bunking with Mum and Dad for me :colondollar:
Reply 3
Avatar for Reue
Reue
20
Original post by ineedtorevise127
The reality is that many of us might not earn the minimum salary of £77,000 and have a minimum deposit of around £100k


Move somewhere cheaper.

I see Reading is number 6 on their list with a required salary of 58k?! I don't know any of my home-owning friends who earn anywhere near that much.
Reply 4
Avatar for kka25
kka25
18

Spoiler

Original post by Reue
Move somewhere cheaper.

I see Reading is number 6 on their list with a required salary of 58k?! I don't know any of my home-owning friends who earn anywhere near that much.


Easier said than done. From my experience, moving to somewhere cheaper like Manchester or Birmingham yes you could easily buy but job opportunities are fewer. My friends and family live there and many had to move to London in order to find work. As for Reading it will get more expensive due to new introduction of crossrail and more people moving there will push up demand for houses

We may see this or worse

http://www.getreading.co.uk/news/reading-berkshire-news/crossrail-effect-reading-property-prices-8919988
Would never pay to live in that overcrowded slum
You can paint any story with statistics and the fact is that yes Zone 1 and 2 is generally un-affordable, however, i bought my flat in Wimbledon about 3 years ago and it certainly wasn't much more of a struggle than friends with comparable level jobs (not pay) outside of London.

When people think of London, they get fixated with Zone 1/2, the fact is the transport links are so great that you can love anywhere in Zone 6 and have an easy commute.

Plus yes London is more expensive to rent, buy and live...but, no where on earth compares to it, everything that you can imagine is there Free nights int he science museum with no kids and **** tonnes of wine...check, Retro Gaming with Chiptune DJ's...check, world class sport (COYS)...check.

Worth it and love it for all it's weird idiosyncrasies, vigor and general radness
(edited 8 years ago)
Original post by Paulwyn
You can paint any story with statistics and the fact is that yes Zone 1 and 2 is generally un-affordable, however, i bought my flat in Wimbledon about 3 years ago and it certainly wasn't much more of a struggle than friends with comparable level jobs (not pay) outside of London.

When people think of London, they get fixated with Zone 1/2, the fact is the transport links are so great that you can love anywhere in Zone 6 and have an easy commute.

Plus yes London is more expensive to rent, buy and live...but, no where on earth compares to it, everything that you can imagine is there Free nights int he science museum with no kids and **** tonnes of wine...check, Retro Gaming with Chiptune DJ's...check, world class sport (COYS)...check.

Worth it, love it and the rest of the UK is decidedly average in comparison


Yeah 3 years ago but if you haven't noticed house prices in London are rising far too quickly some say by 2020 the average home could reach £1m what do you propose those looking to buy now or even worse 2020 do?
Reply 9
Avatar for Reue
Reue
20
Original post by ineedtorevise127
Easier said than done. From my experience, moving to somewhere cheaper like Manchester or Birmingham yes you could easily buy but job opportunities are fewer. My friends and family live there and many had to move to London in order to find work. As for Reading it will get more expensive due to new introduction of crossrail and more people moving there will push up demand for houses

We may see this or worse

http://www.getreading.co.uk/news/reading-berkshire-news/crossrail-effect-reading-property-prices-8919988


The job opportunities may be fewer but it is more than offset against the cheaper living costs. I always wonder whether there's an element of 'cant be bothered to help themselves' when I read about people on minimum wage being unable to buy a house in the UK's most expensive city.

I'd be surprised if we saw that sort of surge in house prices here due to cross-rail. Reading is already the biggest commuter town for London. Plus there are plenty of neighbouring villages and suburbs of Reading which would be impractical for any London commuter to live in.
Original post by ineedtorevise127
Yeah 3 years ago but if you haven't noticed house prices in London are rising far too quickly some say by 2020 the average home could reach £1m what do you propose those looking to buy now or even worse 2020 do?


That isn't a London issue, it's a wider UK housing crisis, I'd suggest taking a look at house prices in the liberal paradise that is Brighton. you'll quickly see that even now you get more for your money in Zone 3 London than Brighton.

What I propose, is that the Green Belt should be reduced, not removed but reduced. It was designed for a country with a population of 30 million and not for one set to top 70m.

Taking Brighton as an example, yes the Downs and Weald are stunning but people need to live somewhere and there is a whole heap of where available that needs to be sensibly developed.

Second proposal, is stop being NIMBY's about HS2, the faster people can commute from London (or Manchester) to Birmingham, Newcastle etc. the lower the demand for limited housing stock in key cities.

But as I said, yes it is expensive but like any purchase you pay more for a better product.
The crash is coming soon, I almost preferred austerity
Original post by scrotgrot
The crash is coming soon, I almost preferred austerity


I wish it would ****ing hurry up.

I wanna buy a house :tongue:

Peoplehave been saying house prices would fall all my life. Still hasn't happened.
I'm getting enough in inheritance.

I'm not going to get a house straightaway... just a flat which I will (probably) share with my s/o and then a house when I build a family.

I'm pretty much sorted financially.
Don't live there.

If I ever have to work in London I'll be commuting from Leeds, Manchester or Nottingham.
I hope you all don't move ****ing north as you will make the place depressing your egos know no boundaries
Reply 16
Avatar for Ndella
Ndella
18
Planning to live with my parents and save up to move just outside London so I can commute.
Who would even want to live in London, it's awful.
Original post by ChaoticButterfly
I wish it would ****ing hurry up.

I wanna buy a house :tongue:

Peoplehave been saying house prices would fall all my life. Still hasn't happened.


What about the 1990s trough and after the recent crash, outside London we are still in a trough despite Osborne's bubble

Long term trends are stable back to the war although it maybe has gone up from 4x income to 5x. In the 50s and 60s social house building pushed it down to 3x and ended boom and bust
Original post by lizmoo0721
Who would even want to live in London, it's awful.


Original post by marco14196
Would never pay to live in that overcrowded slum


I agree with this-why people seem to think so highly of London I will never understand. I know this is an opinion so I'm not saying they are wrong, they have their reasons, but I just cannot see them for the life of me. You pay so much money for such a small property, surrounded by other people, and to top it all off have to put up with the pollution. For me, no thanks.

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