How far will prices fall in London?

Conrad

Glad my children live in a quiet safe rural enviroment outside London. We can visit London if needbe, but we love the drive home comming into wide open space and fresh air - like the feeling you get landing back in fresh green England after some weeks in dusty Spain.

lostinrates

Really2 wrote: »

Not having ago, have you ever lived anywhere else other than london.
.

I agree with NDG and I really have lived in other cities worldwide as well as in the countryside. But its horses for courses: if you didn't like city living London wouldn't be for you anymore than any other city, but if you do I think London is unriviled in the world (or rather the world as I know it) I have loved almost everywhere I've lived though, I just like places!

That said, we are looking for a rural property. I like extremes. Suburban living, now I have reflected on it as a reality, probably wouldn't suit my little household very well at all.

Really2

lostinrates wrote: »

I agre with NDG and I rally have lived in other cities worldwide as well as in the countryside. But its horses for courses: if you didn't like city living London wouldn't be for you anymore than any other city, but if you do I think London is unriviled in the world (or rather the world as I know it) I have loved almost everywhere I've lived though, I just like places!

Thanks, i have no doubts people love it.

But i do think it is really relevent to how far London prices will fall if someone could tell me what wage you would need to purchase a:
3 bed semi (in a good area with decent school) Live, put by half a mortgage payment a month, run a car etc.

The reason for this is if people do lose jobs they have to look at life choices and may well look to move away if they can no longer live in the city.

botchjob

mitchaa wrote: »

I personally thought the place was a sh*thole, over run by immigrants and foreigners. .

My, you sound positively charming.

Bargain_Rzl

Really2 wrote: »

Thanks, i have no doubts people love it.

But i do think it is really relevent to how far London prices will fall if someone could tell me what wage you would need to purchase a:
3 bed semi (in a good area with decent school) Live, put by half a mortgage payment a month, run a car etc.

The reason for this is if people do lose jobs they have to look at life choices and may well look to move away if they can no longer live in the city.

I think you're asking the wrong questions, TBH... Firstly, 3 bed semis are not the norm in London. Secondly, a lot of people don't and aren't planning to have children, so don't need this type of accommodation (it's arguable whether anybody "needs" this type of accommodation) and don't need to think about schools. Thirdly, London is one of the easiest places in the country to live without a car...

If I was planning to have children I would not want to bring them up in my exact area. But there are areas near me I'd be happy to live with kids. And in many ways I would rather bring them up in a small terraced house in a London suburb than in a large suburban semi in another town. It's all about priorities, and which aspects of life you most wish your family to benefit from.

lostinrates

Really2 wrote: »

Thanks, i have no doubts people love it.

But i do think it is really relevent to how far London prices will fall if someone could tell me what wage you would need to purchase a:
3 bed semi (in a good area with decent school) Live, put by half a mortgage payment a month, run a car etc.

The reason for this is if people do lose jobs they have to look at life choices and may well look to move away if they can no longer live in the city.

Well, its not comparing like with like is it? You might not get a three bed semi in London proper anywher unless you are gold plated, but there are also increased facilities in most localities to that found, in say, a nice market town, and ther are three bed flats that are undeniably more luxurious than the average three bed semi. You also find far fewer people in London run a car! The public transport, for all its woes, is comprehnsive and trains run frequently in and out of London to the place they say exists outside the M25.

Ooops, basically what Bargain Rzl said above....:0)

hethmar

Really2 wrote: »

You right we don't have any of that outside london. The rest of the UK was only built 40 years ago.;)

Really, I dont live in London - I used to but Ive spent over half my life in either deep countryside or semi rural locations. And I love the countryside but Im very glad indeed I lived in London during my youth And whilst, of course we have such things as Theatres and Museums outside of London, come on, nothing like those available on your doorstep in the capital. :rolleyes:

Really2

hethmar wrote: »

Really, I dont live in London - I used to but Ive spent over half my life in either deep countryside or semi rural locations. And I love the countryside but Im very glad indeed I lived in London during my youth And whilst, of course we have such things as Theatres and Museums outside of London, come on, nothing like those available on your doorstep in the capital. :rolleyes:

shame you can't spot a joke then.;)

Really2

So from this london look like it is in denial.

You live on top of each other, you don't want children (can't afford or do not have the space without leaving the city) but its ok to spend £500K for the priviladge.:eek:

It a 3 bedroom house with a garden is seen as far over the norm. It shows the south have been spoon fed dreams that the rest of the country enjoy without the stress.

London must be in for massive falls

Bargain_Rzl

Of course a 3 bed house with a garden is not the norm in London. There simply isn't enough space for everybody to live in that sort of housing in a capital city.

I can't speak for anybody else, but I don't have a particularly stressful existence. I work fairly regular hours. I have a modest home in a modest area which I love and which costs me a manageable percentage of my fairly average monthly take-home pay (though I'm currently making substantial overpayments to my mortgage in order to protect myself against the risk of a drop in income). I live a couple of miles from work, so don't have a stressful commute. I am able to sustain a low-level professional musical career which simply would not be possible outside of London. I can indulge my passion for music and theatre to my heart's content. That's really everything I've ever wanted out of life.

And perhaps there are a lot of people out there that have been "spoon fed" lifestyle dreams (though IMHO the generalisation implicit in that statement is pretty patronising). You make it sound as though we're all paying thousands of pounds a month to live six to a room in filthy tenement slums. For the majority, it's just not like that. Most people do have some self-respect, and the ability to work out where their priorities lie.

Personally I hope London does see fairly substantial falls. I know plenty of families on moderate incomes with children, who live in nice houses with gardens in reasonable areas not that far out of Central London, but they are almost all families where the parents are in their forties and were able to buy when the market was low. I would like to see a return to a level of affordability that would offer that to younger families.

I never said London wasn't overpriced. Just that it isn't overrated.