London's world status and house price boom is now hurting the middle class | Net Of The Woods

2013-08-05 13:07:59

crocodilesmasons
Joined: 2013-07-28 19:27:38
Posts: 27

I... imagine it's time for me to get used to the fact that I'll never have a property.

Oh well - I kind of like renting. chiefly the part where I call the landlord whenever something breaks and he fixes it from his own pocket. I really love that bit.

When the bubble bursts land will be cheap. Remains to be seen how far it inflates before it bursts though: if it's too far it will bring the banks down, again, and the govt almost certainly will not this time be able to bail them out, so we'll be a kind of worse Greece. So you might not like to live in London then.

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2013-08-05 14:14:59

mulima88
Joined: 2013-07-27 21:49:29
Posts: 22

That's why I moved out of London.

On a moderate salary of £50k, I'd be able to pay for a 3-bed in a non-slum area ..... never.

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2013-08-05 17:23:59

chipsedge
Joined: 2013-07-30 13:50:57
Posts: 17

I... imagine it's time for me to get used to the fact that I'll never have a property.

Oh well - I kind of like renting. chiefly the part where I call the landlord whenever something breaks and he fixes it from his own pocket. I really love that bit.

When the bubble bursts land will be cheap. Remains to be seen how far it inflates before it bursts though: if it's too far it will bring the banks down, again, and the govt almost certainly will not this time be able to bail them out, so we'll be a kind of worse Greece. So you might not like to live in London then.

You're forgetting overseas buyers though unfortunately...they'll keep London propped up except we go into some sort of worldwide depression, which is looking increasingly unlikely.

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2013-08-05 19:20:59

robinTee
Joined: 2013-07-28 00:51:00
Posts: 25

I... imagine it's time for me to get used to the fact that I'll never have a property.

Oh well - I kind of like renting. chiefly the part where I call the landlord whenever something breaks and he fixes it from his own pocket. I really love that bit.

When the bubble bursts land will be cheap. Remains to be seen how far it inflates before it bursts though: if it's too far it will bring the banks down, again, and the govt almost certainly will not this time be able to bail them out, so we'll be a kind of worse Greece. So you might not like to live in London then.

You're forgetting overseas buyers though unfortunately...they'll keep London propped up except we go into some sort of worldwide depression, which is looking increasingly unlikely.

Exactly. There is no bubble in London for the reason that it is propped up by more or less unlimited foreign hard cash and boost in population. (an extra 1 million people by 2020 and they are not building even a tiny portion of the new dwellings required).

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2013-08-05 20:12:59

robinTee
Joined: 2013-07-28 00:51:00
Posts: 25

That's why I moved out of London.

On a moderate salary of £50k, I'd be able to pay for a 3-bed in a non-slum area ..... never.

Yeah but new York... no one owns their own property. Londons demand is reaching those levels.

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2013-08-05 21:25:59

thatTheyLook456
Joined: 2013-07-30 01:31:22
Posts: 23

I... imagine it's time for me to get used to the fact that I'll never have a property.

Oh well - I kind of like renting. chiefly the part where I call the landlord whenever something breaks and he fixes it from his own pocket. I really love that bit.

When the bubble bursts land will be cheap. Remains to be seen how far it inflates before it bursts though: if it's too far it will bring the banks down, again, and the govt almost certainly will not this time be able to bail them out, so we'll be a kind of worse Greece. So you might not like to live in London then.

What bubble? Property is pricey because need is so high. I don't so this changing anytime soon. overseas investors snap up new developments sooner than the ground is even broken.

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2013-08-05 22:58:59

thatTheyLook456
Joined: 2013-07-30 01:31:22
Posts: 23

I... imagine it's time for me to get used to the fact that I'll never have a property.

Oh well - I kind of like renting. chiefly the part where I call the landlord whenever something breaks and he fixes it from his own pocket. I really love that bit.

When the bubble bursts land will be cheap. Remains to be seen how far it inflates before it bursts though: if it's too far it will bring the banks down, again, and the govt almost certainly will not this time be able to bail them out, so we'll be a kind of worse Greece. So you might not like to live in London then.

You're forgetting overseas buyers though unfortunately...they'll keep London propped up except we go into some sort of worldwide depression, which is looking increasingly unlikely.

Exactly. There is no bubble in London for the reason that it is propped up by more or less unlimited foreign hard cash and boost in population. (an extra 1 million people by 2020 and they are not building even a tiny portion of the new dwellings required).

That's a terrifying statistic! A net increase of 1 million??? If you're no on the ladder now you're screwed.

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2013-08-06 03:28:59

theWorstCustomer
Joined: 2013-07-29 16:24:05
Posts: 33

330K for a house in walthamstow, now 400K. wow.

(I know I may have misconceptions, but last i heard of that area, was when a cop I train with told me he was there to break up a fight, and one guy was deceased by the time they got there, hit with some post someone tore off an old fence, i was under the sense you wouldn't feel safe getting home after dark)

Looking for a few months now in that area. It's probably a very good area, but agencies have been pumping up the prices like there's no tomorrow.

Edit: the three large agencies of the area, have become very close to what people voice of agencies like Foxton.

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2013-08-06 07:57:00

thatTheyLook456
Joined: 2013-07-30 01:31:22
Posts: 23

330K for a house in walthamstow, now 400K. wow.

(I know I may have misconceptions, but last i heard of that area, was when a cop I train with told me he was there to break up a fight, and one guy was deceased by the time they got there, hit with some post someone tore off an old fence, i was under the sense you wouldn't feel safe getting home after dark)

Walthamstow is fine. There are shit parts however it's not that bad.

It's funny how we perceive different areas based on wherever we live and our personal experiences. I lived in Ealing for 6 or so years and would cheerfully wander around any time day or night and not even reflect on the possibility of being involved in something, yet someone was murdered on my street, and another man had his face slashed late one night.

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2013-08-06 09:30:00

thatTheyLook456
Joined: 2013-07-30 01:31:22
Posts: 23

That's why I moved out of London.

On a moderate salary of £50k, I'd be able to pay for a 3-bed in a non-slum area ..... never.

You could live somewhere like Leicester or the Stevenage area and commute to the city fairly well. I have a friend who bought a 2 bed with garden and garage for less than £180k and commutes to Moorgate to work. Depends what you want.

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