Always the fixation on the income needed in these headlines. Whilst real terms incomes have gone down in many sectors the biggest issue is the disparities in deposits. Intergenerational wealth is what sets apart the vast majority of those that can buy from those that can’t.
> we have seen particularly high demand for one and two bedroom apartments within London zones 1 to 3.
This amazes me as I know several people who have been unable to shift their central London apartments, and have basically given up for the time being.
I wish these sort of stats expressed it in terms of disposable income rather than household income.
Could be making 100k but paying 4k a month in rent and have 1500 in other expenses which would leave you with £1000 for savings
Move out!
On another note, how do the basic jobs people live in London? Teachers/coffee shop workers etc? Where on earth do they live?
I cannot understand why anyone remotely normal chooses to live in London, especially people who have jobs that can be fine remotely.
So that’s what 100k x 4.5…450k and min 5% deposit so 22k?
That sounds like a huge underestimate, I make well over that and can barely afford to buy a broom closet in London. Maybe £200k is a closer guess.
London is arguably the best city in the world. It makes sense that people want to live there.
However, I find it incredibly baffling when people choose to live there and then act surprised when it’s expensive and they can’t afford anything. It’s like choosing to eat at a Michelin-star lobster restaurant and then saying “How can you charge so much for food when there are starving people in the world!?” when you get the bill.
For Londoners like me it’s basically find a rich dude or realistically you’ll find a partner who will want to also buy a house. I hate the traditional shit but no single londoner can afford that.
Living in London and complaining about property prices is like sitting in a traffic jam and blaming everyone else for being out at the same time. You’re part of the problem.
There seems to be the idea floating around that London has recently become unaffordable. Apart from a brief spell in the early 2000’s when 0% mortgages were doing the rage, and risk maths hadn’t inflated the market, London has always been beyond the reach of many. My parents left London in the 1970’s because they couldn’t get finance for a £24k property on a dual income. Ended up moving north where they could get something bigger for half the price. Sound familiar? Sure, the numbers appear different, but the relative affordability is the same story.
That’s not bad for one of the most expensive cities in the world.
Have they tried not being poor? Just ask daddy for a loan of a few million and become a MP.
Yeah, but in London we earn a lot more more money. So I think that is fair enough.
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only?
Always the fixation on the income needed in these headlines. Whilst real terms incomes have gone down in many sectors the biggest issue is the disparities in deposits. Intergenerational wealth is what sets apart the vast majority of those that can buy from those that can’t.
> we have seen particularly high demand for one and two bedroom apartments within London zones 1 to 3.
This amazes me as I know several people who have been unable to shift their central London apartments, and have basically given up for the time being.
I wish these sort of stats expressed it in terms of disposable income rather than household income.
Could be making 100k but paying 4k a month in rent and have 1500 in other expenses which would leave you with £1000 for savings
Move out!
On another note, how do the basic jobs people live in London? Teachers/coffee shop workers etc? Where on earth do they live?
I cannot understand why anyone remotely normal chooses to live in London, especially people who have jobs that can be fine remotely.
So that’s what 100k x 4.5…450k and min 5% deposit so 22k?
That sounds like a huge underestimate, I make well over that and can barely afford to buy a broom closet in London. Maybe £200k is a closer guess.
London is arguably the best city in the world. It makes sense that people want to live there.
However, I find it incredibly baffling when people choose to live there and then act surprised when it’s expensive and they can’t afford anything. It’s like choosing to eat at a Michelin-star lobster restaurant and then saying “How can you charge so much for food when there are starving people in the world!?” when you get the bill.
For Londoners like me it’s basically find a rich dude or realistically you’ll find a partner who will want to also buy a house. I hate the traditional shit but no single londoner can afford that.
Living in London and complaining about property prices is like sitting in a traffic jam and blaming everyone else for being out at the same time. You’re part of the problem.
There seems to be the idea floating around that London has recently become unaffordable. Apart from a brief spell in the early 2000’s when 0% mortgages were doing the rage, and risk maths hadn’t inflated the market, London has always been beyond the reach of many. My parents left London in the 1970’s because they couldn’t get finance for a £24k property on a dual income. Ended up moving north where they could get something bigger for half the price. Sound familiar? Sure, the numbers appear different, but the relative affordability is the same story.
That’s not bad for one of the most expensive cities in the world.
Have they tried not being poor? Just ask daddy for a loan of a few million and become a MP.
Yeah, but in London we earn a lot more more money. So I think that is fair enough.