Londoners how will you buy a house in the future

More houses need to built, eventually prices could come down:

1) Interest rates increase, meaning people can't afford to keep up with payments leading to people selling

2) Foreign investors who tend to buy homes in London and leave them empty could sell out and move to the next hotspot ( eg New York or somewhere else to park their cash).

3) More homes built can entail prices go down as supply increases.

But at the same time... the main theme seems to be if the population increases, this is going to put stress on the housing stock which means even if above conditions are met, the demand for property could still increase meaning prices cannot go down,

The only solution is to keep earning more money to prop up the housing bubble in London...

Reply 21

Zerforax

21

Original post by i<3milkshake

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.

Because the offering that London has in every respect in pretty much every field (e.g. jobs, people, entertainment, sports etc) is far superior than the rest of the country.

Just FYI that living in London can be very different to visiting.

Reply 22

versari

7

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

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

The reality is you're mad. Where do you get your figures?? £80,000 will buy you a house in some parts of England.Do some homework first please.

(edited 8 years ago)

Reply 23

i<3milkshake

4

Original post by Zerforax

Because the offering that London has in every respect in pretty much every field (e.g. jobs, people, entertainment, sports etc) is far superior than the rest of the country.

Just FYI that living in London can be very different to visiting.

There are jobs elsewhere in the country. They will also be in cheaper areas to live that are also much nicer (low crime, low pollution, not overcrowded, you can drive somewhere easily and not have to rely on public transport. No way am I doing a big shop on the tube). So for me, the jobs part doesn't really raise London in my esteem.

People? The people are superior? How? By superior do you mean recently arrived to the country and poor? I agree if you are in Richmond, Kensnigton etc the people are great, but not for much of London. Just look at the crime stats. I myself don't think London has superior people, inferior in fact.
Entertainment? Maybe I am boring but other places have enough for me. Like I said though, maybe I'm a boring git.
Sports? I like football but to watch a football game in England costs stupid money. Just got o a pub and watch the games there. Outside London the drinks will be cheaper as well.

So for me, I really don't see it. Agree to disagree by all means.

Reply 24

ineedtorevise127

OP

20

Original post by versari

The reality is you're mad. Where do you get your figures?? £80,000 will buy you a house in some parts of England.Do some homework first please.

I am referring to buying in London only. Yes i know you can get houses for much less elsewhere but not everyone would be able to move e.g. family commitments, job opportunities etc...

Reply 25

versari

7

Original post by ineedtorevise127

I am referring to buying in London only. Yes i know you can get houses for much less elsewhere but not everyone would be able to move e.g. family commitments, job opportunities etc...

beggars can't be choosers...

Reply 26

ron_trns

11

London house prices aren't so unaffordable you need a 140k salary, even a 1/3rd of that you could scrimp up over time to get a mortgage pretty easily. However the real question is, why would you want a house in London?

Reply 27

So Instinct

20

Tbh even living living outside zone 1/2 isn't exactly that affordable for the average person. Prices are steeply increasing across London and popular areas outside London too (e.g. Brighton), even commuter towns/outskirts (e.g. Redhill) are increasing due to the amount of people now taking that option.

If you're someone lucky enough to inherit a home from your parents then you're set but for everyone else it's going to be a bit of a struggle. All likelihood is I'll have to wait to either flat/house share with a friend or partner.

(edited 8 years ago)

Reply 28

ineedtorevise127

OP

20

Original post by Zerforax

Because the offering that London has in every respect in pretty much every field (e.g. jobs, people, entertainment, sports etc) is far superior than the rest of the country.

Just FYI that living in London can be very different to visiting.

Jobs maybe but people tend to be nicer in the North imo. Sport is very entertaining in other places as well take football for example. In Manchester, you have two great teams - UTD and City. Leicester and Southampton are also very entertaining to watch. Everton as well. City are by far the best team in England atm the London teams (Arsenal) and others will find it difficult to take the title

Reply 29

lyrical_lie

19

I'm living and working in london now. However I got a kindof second job that included my accommodation. My plan is stick around here until my partner finishes his grad scheme then I'll have a decent amount saved then we can look to buy a house in a cheaper city.

Reply 30

lizmoo0721

13

Original post by i<3milkshake

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.

The only part of London I would ever consider living is is Kensington or Knightsbridge, but spending so much money, I'd rather have a nice house than a small apartment for the same price.
DONT GET ME STARRTED WITH THE POLLUTION lollllll

Reply 31

Zerforax

21

Original post by i<3milkshake

There are jobs elsewhere in the country. They will also be in cheaper areas to live that are also much nicer (low crime, low pollution, not overcrowded, you can drive somewhere easily and not have to rely on public transport. No way am I doing a big shop on the tube). So for me, the jobs part doesn't really raise London in my esteem.

People? The people are superior? How? By superior do you mean recently arrived to the country and poor? I agree if you are in Richmond, Kensnigton etc the people are great, but not for much of London. Just look at the crime stats. I myself don't think London has superior people, inferior in fact.
Entertainment? Maybe I am boring but other places have enough for me. Like I said though, maybe I'm a boring git.
Sports? I like football but to watch a football game in England costs stupid money. Just got o a pub and watch the games there. Outside London the drinks will be cheaper as well.

So for me, I really don't see it. Agree to disagree by all means.

Don't really want to derail the thread (he says as he does it anyway)

The same jobs don't exist in every field across the country. Let's look at accountancy, law and investment banking - you might have those types of jobs everywhere else but only in London do you get that same international element as London is a huge financial hub in the international market. No doubt some jobs will be the same regardless of location (for example being a GP or a teacher etc).

London's transport system is unrivaled to the rest of the country. You don't need a car to get around. Why do a shop by hand when you will most likely have a supermarket close by or you can order online and have it delivered to your doorstep.

Well people might be a tad unfair but I guess I was thinking that the brightest people on average do tend to be attracted to London as it offers the highest salaries and best opportunities. The other side of the coin is that you get more variety in people as you have people from all around the world coming to work in London (from Europe, the USA, Aus/NZ etc). With so many people in a dense area, you're more likely to find more like minded people regardless of how bizarre your interests may be.

Well entertainment in the sense that you just have more events and options. If you want to see a show, or a theater production or even something random like Cirque Du Soleil. You get more concerts in London etc etc

Fair enough if you don't like going to live sports but you'll get more choice in football, rugby, cricket, Wimbledon and even smaller sports too.

Anyway like you say, each to their own. I lived in a small village growing up and then after that was in Sheffield for Uni but I'm glad I moved to London.

To stay on topic, I imagine I'll have to go begging to parents for help with the deposit amount, hope interest rates stay low enough and lending criteria aren't too strict.

Reply 32

versari

7

Original post by lizmoo0721

The only part of London I would ever consider living is is Kensington or Knightsbridge, but spending so much money, I'd rather have a nice house than a small apartment for the same price.
DONT GET ME STARRTED WITH THE POLLUTION lollllll

well no one buys a house in Knightsbridge for its un-reputed low pollution, they do it as an investment.

Reply 33

Most Competitive

12

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

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

Personally I don't need to. We have 2 homes in London: one where I live, and one where my parents are based.

However I do agree that the majority of the current generation will never be in a position to buy a London home. The cost of living and finding well-paid, stable employment are two of the major challenges that they face.

(edited 8 years ago)

Reply 34

lizmoo0721

13

Original post by versari

well no one buys a house in Knightsbridge for its un-reputed low pollution, they do it as an investment.

Some people do. I'd rather live in the country side

Reply 35

Thade

Original post by Rakas21

Don't live there.

If I ever have to work in London I'll be commuting from Leeds, Manchester or Nottingham.

You're going to commute from Leeds 5 days a week?

Reply 36

driftawaay

3

Original post by Thade

You're going to commute from Leeds 5 days a week?

Tbh I dont even understand people who commute from Brighton, the commute is over three hours. Like dont you wanna have a life outside work? I would rather be on benefits than commute 3+ hours. Thats a road trip. :colonhash:

Reply 37

Thade

Original post by driftawaay

Tbh I dont even understand people who commute from Brighton, the commute is over three hours. Like dont you wanna have a life outside work? I would rather be on benefits than commute 3+ hours. Thats a road trip. :colonhash:

The commute from Leeds is like 5 hours. On weekdays, You'll barely have enough time to do basic things like cook, clean, exercise, shower, etc let alone "have a life".