How can people afford to buy London houses when they're so expensive?

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Ladbants
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The average home price in London is £482,800 while the average annual wage is £33,720. This means that the average house price in London is now 14 times the average income, the highest it's ever been, accordingly ITV News.

So this basically means that if your an average or even above average earner, you will still struggle to live in London. You'd have to bring up your kids in A cramped flat instead of a nice terraced Edwardian house in somewhere like Wandsworth.

I need to start saving up now for my deposit!
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Vanny17
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I think you put only need to put £10,000 deposit into a mortgage to start with then after you start earning a salary, you put a certain amount as agreed.

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Betelgeuse-
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(Original post by Ladbants)
The average home price in London is £482,800 while the average annual wage is £33,720. This means that the average house price in London is now 14 times the average income, the highest it's ever been, accordingly ITV News.

So this basically means that if your an average or even above average earner, you will still struggle to live in London. You'd have to bring up your kids in A cramped flat instead of a nice terraced Edwardian house in somewhere like Wandsworth.

I need to start saving up now for my deposit!
Fruli Should be able to explain. She was telling us how progressive Londoners are economically the other day
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SoulfulTwist
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I haven't a clue how people manage.
I mean, just the deposit needed is crazy high.
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Reality Check
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Fact is if you don't have wealthy parents who can chuck you a couple of hundred thousand, or already own property in London, or are going to inherit it, then most people on average to good wages simply can't afford to buy in most of London. It's utterly crazy. I can't believe that it will continue like this, but for the moment that's how it is. The Help to Buy equity loan doesn't help either - an overpriced house is an overpriced house, no matter whom you're borrowing the money from.

Blame wealthy foreign cash buyers, and blame London itself for being the success it is.
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Ambitious1999
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(Original post by Ladbants)
The average home price in London is £482,800 while the average annual wage is £33,720. This means that the average house price in London is now 14 times the average income, the highest it's ever been, accordingly ITV News.

So this basically means that if your an average or even above average earner, you will still struggle to live in London. You'd have to bring up your kids in A cramped flat instead of a nice terraced Edwardian house in somewhere like Wandsworth.

I need to start saving up now for my deposit!
High unaffordable house prices in places like London are the failings of the capitalist system. In the 1970s you could buy a 3 bedroom house in London for less than £25k, Or as little as £12k in the East End.

Then the Tories refused to build anymore council houses, that then put a lot of rental housing in to the private sector. Greedy and idle landlords bought up huge numbers of houses and flats greatly reducing supply to those who wanted a home of their own, prices rose dramatically.

People left with no choice but to rent are held to extortion by landlords charging what they like.

Not helped either by council tower blocks built in the 1960s being given over to real estate, and idle buy to invest property tycoons leaving their apartments empty while they gain in value.

Meanwhile as prices rise the Tory capitalist government had put in a housing benefits cap and HB can no longer stretch to pay for rent in London, as a result the poor are being forced to leave the city and live elsewhere hundreds of miles from friends and family where they were born. Bit like the woman on 'I Daniel Blake'

That's how the Nasty party treats normal people. Social cleansing.

Vote Jeremy Corbyn!

We need Corbyn to win the election and bring fairness back to society for everyone not just the idle rich..
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the bear
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it will end in tears

:emo:
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Reality Check
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(Original post by Ambitious1999)
High unaffordable house prices in places like London are the failings of the capitalist system. In the 1970s you could buy a 3 bedroom house in London for less than £25k, Or as little as £12k in the East End.

Then the Tories refused to build anymore council houses, that then put a lot of rental housing in to the private sector. Greedy and idle landlords bought up huge numbers of houses and flats greatly reducing supply to those who wanted a home of their own, prices rose dramatically.

People left with no choice but to rent are held to extortion by landlords charging what they like.

Not helped either by council tower blocks built in the 1960s being given over to real estate, and idle buy to invest property tycoons leaving their apartments empty while they gain in value.

Meanwhile as prices rise the Tory capitalist government had put in a housing benefits cap and HB can no longer stretch to pay for rent in London, as a result the poor are being forced to leave the city and live elsewhere hundreds of miles from friends and family where they were born. Bit like the woman on 'I Daniel Blake'

That's how the Nasty party treats normal people. Social cleansing.

Vote Jeremy Corbyn!

We need Corbyn to win the election and bring fairness back to society for everyone not just the idle rich..
I was about to type a long reply to this ridiculous rant, and then saw who posted it.

I'll just point out one thing: who do you think has to pay for Housing Benefit? I know you socialists are incontinent when it comes to money, but it doesn't actually grow on trees. Funnily enough, I don't want to pay more tax so unemployed people can live in Kensington or Holland Park. Have you ever heard the phrase 'cut your coat according to your cloth'?

Please don't say 'make the big corporations pay their fair share of tax' - you've already spent that money a million times over.
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Drewski
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(Original post by Reality Check)
I know you socialists are incontinent when it comes to money, but it doesn't actually grow on trees.
I feel like you meant to say incompetent, but honestly, I prefer your version.
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Zerforax
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Those who are above average earners are probably buying the houses?

A lot of city jobs pay much higher than the average.
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Reality Check
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(Original post by Drewski)
I think you meant to say incompetent, but honestly, I prefer your version.
No, I meant incontinent - they just splurge it out everywhere.
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Drewski
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(Original post by Reality Check)
No, I meant incontinent - they just splurge it out everywhere.
Yeah, but the rest of the analogy doesn't flow as poetically as it could if you'd kept up the pissing theme.
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Ambitious1999
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(Original post by Reality Check)
Fact is if you don't have wealthy parents who can chuck you a couple of hundred thousand, or already own property in London, or are going to inherit it, then most people on average to good wages simply can't afford to buy in most of London. It's utterly crazy. I can't believe that it will continue like this, but for the moment that's how it is. The Help to Buy equity loan doesn't help either - an overpriced house is an overpriced house, no matter who you're borrowing the money from.

Blame wealthy foreign cash buyers, and blame London itself for being the success it is.
This is why we need a labour government. Corbyn would remove the benefits cap so that HB can cover all rents. We need a mansion tax so the idle rich pay their way more. We need to stop council tower blocks in London being given over to real estate, and we need more council house building. I mean how would the rich like it if we built social housing in the middle of Mayfair? Well we don't like social cleansing either.

London is facing a housing crisis. We need a general election to put labour and momentum in power!
6 years of the Tories is too long we need change now! Corbyn will bring that change!
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Reality Check
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(Original post by Drewski)
Yeah, but the rest of the analogy doesn't flow as poetically as it could if you'd kept up the pissing theme.
We're on the same page, I think.
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#ChaosKass
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You can all blame the foreigners who have moved here en masse and caused house prices to rapidly increase. Without them London would be more affordable for the average person.
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Reality Check
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(Original post by Ambitious1999)
This is why we need a labour government. Corbyn would remove the benefits cap so that HB can cover all rents. We need a mansion tax so the idle rich pay their way more. We need to stop council tower blocks in London being given over to real estate, and we need more council house building. I mean how would the rich like it if we built social housing in the middle of Mayfair? Well we don't like social cleansing either.

London is facing a housing crisis. We need a general election to put labour and momentum in power!
6 years of the Tories is too long we need change now! Corbyn will bring that change!
Yes, and I want stabilisers for my bike for Christmas.
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InArduisFouette
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(Original post by Vanny17)
I think you put only need to put £10,000 deposit into a mortgage to start with then after you start earning a salary, you put a certain amount as agreed.

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pull the other one it;s got bells on ...

generally it;s help to buy schemes , bank of mum and dad or good double income ... a lot of people who work in London commute in from significant distances - there is a definite effect on house prices upto the MML to Mkt Harborough and up the ECML to Newark / Grantham
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InArduisFouette
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(Original post by Drewski)
I feel like you meant to say incompetent, but honestly, I prefer your version.
socialists are incontient with money they can;t control the flow, when it stops ot starts and their management leaves a nasty smell and puddles ...
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Reality Check
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(Original post by zippyRN)
socialists are incontient with money they can;t control the flow, when it stops ot starts and their management leaves a nasty smell and puddles ...
Quite, though I wish I'd not started this analogy now...
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AperfectBalance
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(Original post by Ambitious1999)
High unaffordable house prices in places like London are the failings of the capitalist system. In the 1970s you could buy a 3 bedroom house in London for less than £25k, Or as little as £12k in the East End.

Then the Tories refused to build anymore council houses, that then put a lot of rental housing in to the private sector. Greedy and idle landlords bought up huge numbers of houses and flats greatly reducing supply to those who wanted a home of their own, prices rose dramatically.

People left with no choice but to rent are held to extortion by landlords charging what they like.

Not helped either by council tower blocks built in the 1960s being given over to real estate, and idle buy to invest property tycoons leaving their apartments empty while they gain in value.

Meanwhile as prices rise the Tory capitalist government had put in a housing benefits cap and HB can no longer stretch to pay for rent in London, as a result the poor are being forced to leave the city and live elsewhere hundreds of miles from friends and family where they were born. Bit like the woman on 'I Daniel Blake'

That's how the Nasty party treats normal people. Social cleansing.

Vote Jeremy Corbyn!

We need Corbyn to win the election and bring fairness back to society for everyone not just the idle rich..
£270383.04 is the equivalent of 25k back then.

And besides that I do agree that it is a bit crazy that a 1 room apartment could be £1m+ in the heart of London that is because it is a very desired place to live in especially if you work there. and besides the point you have plenty of other options.

house prices in my area are 250k+ for a decent house nothing massive and that is because while my area is nice it is not extremely sought after.
Go up into wales or Scotland and I am sure you could get a really nice house for a lot less than most places in Britain. it is all about supply and demand.
There is massive demand and low supply the prices are high due to this. and while housing is clearly being built (you can see it being built) there are other problems that contribute to this such as mass immigration.



While I do agree things need to be done I do not agree that Corbyn would be any good for society, take a look at communist society, people live in shacks and poor buildings such as social housing and sure communism/socialism is not the only reason for that but I would rather live in a society where I can choose to buy a house for a lot of money or I can choose to buy one for not so much money.

You do not need to live in London there are plenty of other places to live.
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