London home 'needs £93,000 wage'

Really2

the_ash_and_the_oak wrote: »

I (many of the higher earners prefer to live out of London

So would you class areas like Notting Hill as outside London (I know it is not in the square mile but it is close)

lostinrates

Really2 wrote: »

That is kind of the point about "local wages"

I now live closer to work but the average house price where I live are less than where I used to live.
But the average wages in my new area are more by about 30%.
I have not changed my job in any in any of the time living in the areas so the average wages where I have lived as remained unchanged.
But that can not be said for house prices.

Hope this is in some way understandable as I am now frying my own brain.

In short I suppose I am saying"local wage" can mean nothing some times (well until their not so well paid children come to start to look for housing)

TBH, between you and me its hrd to understand a lot of this thread. You are frying my brain too with this post. I get what you are saying...I think...and to a point concurr, but only to a point. Of course local wage can be ..not irrelevant but...not possible. i've said before, I was born in a Royal Borough and , I don't hold out hopes of buying in my ''locality of birth'':D.

And those children have started to look for housing....thats a lot of the point, you are right!

the_ash_and_the_oak

Really2 wrote: »

So would you class areas like Notting Hill as outside London (I know it is not in the square mile but it is close)

No I would count it as London for definite!

I meant outside the M25 (stockbroker belt)

lostinrates

Really2 wrote: »

So would you class areas like Notting Hill as outside London (I know it is not in the square mile but it is close)

Its geographically close, and of course it is London, but its nothing like The City, but people will ''commute'' from there. It would be easier if I could show you, in London....

Really, some people daily coomute (or four daily) on a train journey of almost two hours from near me to London. Many, mny more will have a small flat and weekly commute.

Really2

lostinrates wrote: »

And those children have started to look for housing....thats a lot of the point, you are right!

Lets leave it their then while I untangle my brain.
( as you may tell I only ever had fleeting visits to London and only really know one person who I am in contact with who lives there, They are by no means average so I have no real clue about the city )

lostinrates

Really2 wrote: »

I have no real clue about the city )

At risk of turning the frying pan up...neither do mny Londoners!

chucky

Pete111 wrote: »

My what a lot of debate.

And yet...somehow....people are still able to buy property in London. How can this possibly be?

because of the factors that you described above and many more...

London will always be more resiliant and demand for housing will be much higher than the rest of the UK

London will escape falling house prices next year while the rest of the country faces a setback in the values of most properties.

According to estate agency Knight Frank house prices will end this year 2% higher than they were at the beginning of the year led by the recovery in London and the South-East. But the agency predicts that throughout next year prices will fall 3% nationally ”the classic W-shaped recession” although London will continue to grow with prices rising by 3% next year and by 9% in 2011. Five years out, by 2014, London prices will be 38% higher than today while the national gain will be just 19%.

http://www.thisislondon.co.uk/standard-business/article-23755720-london-set-to-buck-falling-house-prices-with-3-percent-rise.do

Really2

lostinrates wrote: »

I
Really, some people daily coomute (or four daily) on a train journey of almost two hours from near me to London. Many, mny more will have a small flat and weekly commute.

Oh, its more like "The league of Gentlemen" round some areas here

Is't a funny this country, its never right

Really2

the_ash_and_the_oak wrote: »

I meant outside the M25

I thought that was classed as the north and south west.;):D

Harry_Powell

lostinrates wrote: »

some people daily coomute (or four daily) on a train journey of almost two hours from near me to London. Many, mny more will have a small flat and weekly commute.

What a miserable life