The property market in this country especially in this city ….

26 comments

1. It will slowly destroy the city. I don’t think young people even have money to waste. If they did I wouldn’t blame them, what’s the point in saving when you have no prospect of realistically owning your own place

2. I’ve just got back to working full time and there some new grads in my office and from what I understand they pay their rent then have very little left for anything else but are appreciative that they even have a job. Some say their friends from uni are still looking for “corporate jobs” they have part time jobs at bars etc but looking at how brew dog is treating its staff it’s not looking good for the next generation. I think my generation got a little bit lucky just a tad, older millennials think the younger millennials are on par with gen z at the minute the older gen z who have finished university and paying extortionate rent just to live in London.

   The attitude of “just don’t live in London” doesn’t help either. What if they want to live here , why shouldn’t they. I know big cities are always expensive but damn

3. You’re not wrong but that’s a crazy price for Catford. I can only assume it’s a house?

4. We need to make it illegal to pave over front gardens.

5. What is going to really skew this is that in the next decade a lot of the boomer and generation born in the 1950s are going to pass away. A lot of them are incredibly wealthy and that money is going to pass to their children and grandkids. So you are going to have a lot of millenials etc come into wealth and be able to afford to buy and a lot who don’t. So where you live will start to depend on how much money your parents and grandparents have. All the well paid London jobs will go to people who can afford to live there. I hope I’m wrong as this feels so dystopian.

6. I have friends who are very wealthy – massive estate in the SE countryside with lake, forest, etc and a big house in Chelsea – and their kids (in their 30s) have left London because they can’t afford it.

7. That was built as affordable working class housing.

   This is why people are giving up on Britain.

8. This has been the case for years. If you want a house and a family, you have to move to a commuter town. London hasn’t been affordable for a long time. Primary schools are closing all the time in London. The city doesn’t run on children however – it runs on workers. London will be fine – but the communities will disappear completely. They’re already gone in many places.

9. listening to Garys economics has helped me to understand whats fuelling the discrepancy between earnings and the cost of living, and how things are only going to continue to get worse for quite a while really.

10. This is clearly not a first time buyers home.. this will be bought by people who got a flat in hackney for 200k 15 years ago and paid down half the mortgage.. then sells it for 600k now. or a couple who each had a small flat and then sold both.

    And while plenty of people are screwed because of their industry’s low wages, there are a lot of people who are earning lots, and have the cash. If nobody was able to buy this, then it wouldn’t be at this price.

    The issue is the lack of starter homes. So those £200k flats can still exist. Basically if you aren’t earning 2 good salaries, nowadays you are a bit screwed.

11. Not only is it overpriced with shit quality properties – you get a leasehold with a freeholder that doesn’t care about the property and a hefty £2000 service charge each year!

12. I wonder how many people tried to swipe across that picture? I did. I thought oooh, what a lovely house, I wonder what it’s like inside.

13. It’s a 3 bedroom house which means you can reasonably turn the living room into a bedroom, so that’s 4 bedrooms, so 4 to 6 working adults all paying £900 a month each if some landlord turned a blind eye which is very very common. A house like this used to be valued at what a single income could buy as well as feed a family. The equation is now how many working adults can you squeeze into the space.

    We have been priced out of our own city because we simply do not have the housing capacity for the amount of people that are here. People wonder how low wage people can push the prices up, well that is how, they’re just filling rooms for half or more of their income. Of course even a regular couple can’t hope to afford a house under these circumstances.

    And apparently you’re a bad person for not wanting this, according to most people of a certain political persuasion 🤡

14. [Here’s the listing](https://www.zoopla.co.uk/for-sale/details/69110521/?search_identifier=39173999690aa1dfedcabfa5516907a7ea9e227b464238a53b6bd7ad37f861f7). So look, £800k for Catford is a lot. But this is hardly a starter home, is it?

    Detached (says the listing), freehold, 3 beds, a home office, garden, large open plan kitchen and living room. It has a free standing bath in one of the bathrooms. This is a target home for people in their 40s with kids. Not 21 year olds trying to get on the property ladder.

    The owners have obviously put a lot of work into it, but they’re clearly chancing their arm with an £800k list price. It’ll most likely come down to more like 700 based on the values of other properties on their street.

15. Catford has gone a bit bonkers. And if the Bakerloo Line extension gets announced I’m afraid it will go further bonkers.

16. 800k for a 3 bed house in Catford is probably a bit on the mental side. But I would say that young people looking in this area would probably be going for 1 or 2 bed flats, which are more in the 400k range…friends of mine (who aren’t super rich, but were able to save) have recently bought in the area and it’s not all million pound houses.

17. Here’s the listing for anyone interested;

    https://www.rightmove.co.uk/properties/156518954?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

18. Build taller and denser. Most of london is suburban single family housing.

19. Minard Road is a nice area. Big houses and heading towards the Hither Green end, where house prices shoot up.

20. So ?

    Owner can ask whatever stupid price he thinks it’s worth.

    The problem is there might be someone willing to buy it for that price, and it would be half the problem if it would be someone local. But for that kind of money there might be some filthy rich foreigner that will just wave a hand and buy it.

    And don’t forget it is still THE London. That alone adds quite a penny to asking price.

    All in all I know I won’t be able to afford that kind of property. And even if I could I would prefer to buy something else somewhere else for much less.

21. My town is the same.

    The only resolution is a move out of town, away from my family. Breaking the close unit we where we all enjoy being able to see each other whenever, not to mention of the friends we have in the community.

    But £800k for 3beds and 100m² is obscene.

    I’m an 80’s kid. So not even that young and trying to buy a family home cos a flat can’t sustain a family of four.

22. I used to live in that bit of Catford and the houses are massive and it’s a conservation area.

    Yes the south circular is shit but the housing stock can be gorgeous and it’s zone 3 of one of the most expensive cities on earth.

    Most people looking at this house already have equity from previous homes. They’re not doing starter mortgages or FTBs. It took me 15 years of living and working in London, building equity from two previous houses and buying with my husband to afford a house like that.

23. Having moved here two years ago after experiencing the war in my country, life feels divided into two parts: before and after. Managing rent is already difficult, let alone thinking about a mortgage. I’m focusing on saving as much as I can, finding a better job, and seeing how things unfold.

24. The future is that the majority of Londoners will not live in a house as most middle class residents have over the last century.

    Instead flats will become the norm, almost all new developments in London are flats and purpose built flat prices have generally stayed level (at least in real terms) in the last 10 years.

    Those who want their own garden to give their family the experience they grew up with or aspired for will have to leave London (already underway – check out places on the South Coast which previously “untouchable”).

    Living in a terraced house like this one will be the preserve of either the well off or those who have inherited one, much like how many areas of central London are now split between the majorly wealthy or those living in social housing …

25. I live close to here, my neighbours house just went for 1.1million…. in Catford…. there is a memorial for a young man who was stabbed to death less than 50m from the front door.

    It’s crazy in London

26. No incentive for house builders to flood the market with new properties either, as their fat profits would drop. I can’t see how this ends but surely it can’t keep on? The average household income is not much over £30k

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