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London house prices most overvalued in the world, says UBS watch

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    This is why I don't want to move to London after uni. I just don't understand how your average middle class white collar professional can ever afford to buy a decent (or even not decent) flat or house in London. Even those who are on a high salary won't be able to buy a house, aside from investment bankers and those kinds of people...How many people rent vs how many own houses in London?
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    (Original post by Bill_Gates)
    I know everyone is pretty crazy about finance deals over there for literally everything! cars are a big thing. But i just think if a downturn does occur Canada would feel it harder than say the UK. Even the central bankers are saying a 20-30% fall is not out of the question for property.
    Central bankers. These are the same pricks that completely missed the greatest recession since the 1930's. They can only ever work backwards; they shoot a bullet into a barn wall, paint a red circle around it, and then tell you they hit bullseye.:rolleyes:

    There'll possibly be localized falls of that magnitude or even more but not across the board. To take the pulse of the housing market I'd get more sense check out Realtor.com than asking a central banker.
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    (Original post by arcenciel21)
    This is why I don't want to move to London after uni. I just don't understand how your average middle class white collar professional can ever afford to buy a decent (or even not decent) flat or house in London. Even those who are on a high salary won't be able to buy a house, aside from investment bankers and those kinds of people...How many people rent vs how many own houses in London?
    Well, I tell you one thing. I graduated from a UK university years and years ago. I had a friend about that time who managed to buy a home in London and then a few more after that. He's immeasurably wealthier than I am because of it.
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    (Original post by Howard)
    Central bankers. These are the same pricks that completely missed the greatest recession since the 1930's. They can only ever work backwards; they shoot a bullet into a barn wall, paint a red circle around it, and then tell you they hit bullseye.:rolleyes:

    There'll possibly be localized falls of that magnitude or even more but not across the board. To take the pulse of the housing market I'd get more sense check out Realtor.com than asking a central banker.
    Those guys who just pluck numbers out of the air? no thanks. I'll take a mix though :P
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    (Original post by Howard)
    Well, I tell you one thing. I graduated from a UK university years and years ago. I had a friend about that time who managed to buy a home in London and then a few more after that. He's immeasurably wealthier than I am because of it.
    Well that's great, the only problem is, most graduates, aside from the high fliers like investment bankers etc will never be able to do that. That is my point.
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    Just throwing this out there for a bit of perspective, but here is what you could buy in Bulgaria for the cost of a second hand car in the UK. http://www.rightmove.co.uk/overseas-...?premiumA=true :cry2:

    And yeah I know, poorer country, lower wages, less jobs, yada yada yada. Still, if I knew the language and had some knowledge of the culture, I would be seriously tempted to buy a small farm or something out there. Making a living wouldn't be too much of an issue for me, I have always been self employed in work that I can basically take anywhere. I don't think I could achieve that dream here in the UK anytime soon, certainly not in the South where I currently reside, unless some major downward turns occur in the market.
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    (Original post by Howard)
    Well, I tell you one thing. I graduated from a UK university years and years ago. I had a friend about that time who managed to buy a home in London and then a few more after that. He's immeasurably wealthier than I am because of it.
    My sister had the opportunity to buy a flat in London around 10 years ago. She had enough for a deposit, but decided it would be cheaper to rent with a group of friends instead of paying a mortgage. I sure she is kicking herself now.
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    The findings are not a shock given how much capital pours into London. It is currently the business capital of Europe.

    That being said there is some skew in the figures. Central London is being fueled almost solely by foreign money and that may not stop for some time. Outer London is overpriced and gentrified but its more down to a sheer lack of supply and white flight and is more vulnerable to a reduction in the supply of credit.
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    (Original post by ♥Samantha♥)
    Average house price in London is 500k not 250k...
    I didn't say it was


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