Generation Rent pushed to breaking point as London prices double

grizzly1911

kabayiri wrote: »

Rather than Scottish independence, shouldn't we be considering London independence? It would make more sense.

It would be one way of canning SS2.

Conrad

Rugged, there are plenty of cheap properties in Kent and other parts of the S/E. Buy one, let it out and grow from there, it really is very simple.

I meet people of very modest means such as a young electrician who has saved hard and made sacrifices and is now moving into his new home. He plans to let it out asap and buy his next one and be a boomer one day.

[Deleted User]

ruggedtoast wrote: »

Of course it is always easy to sit on the sidelines and cackle and mock like a vulture ready to swoop on those less fortunate than oneself isn't it?

I've watched as friends of my age (i'm 33) didn't bother to get on the 'ladder' then saw the house prices zoom up more and more. I bought at 26, having to move out to London zone 6 to be able to afford a house. I commuted into west London for 6 long years.

To save a deposit, i lived in some pretty crappy house-shares for many years. No car. No holidays.

So, someone a year or two older than me would haven't had to pay fees (as I was the first year that did) AND they'd have been in the job market a year longer before the house bubble

Loughton_Monkey

ruggedtoast wrote: »

I suppose Rude, Callous and Mean live too close to home.

Don't be daft. Even though they have very lucrative acting careers, they can't afford Loughton. Boomers only.

robmatic

kabayiri wrote: »

It really does seem that London and the close vicinities are a special case.

It's not hard to empathise with the plight of FTBs down there. Krusty and Phil had a couple on recently paying a shade under half a mill for what looked like an average size flat to me. Nothing special either.

The same frenetic pace of house frenzy can not be attributed to places like NW.

Rather than Scottish independence, shouldn't we be considering London independence? It would make more sense.

If people are willing to pay London prices, it's because they've made a judgement - perhaps not explicitly - that access to the London labour market makes that price worthwhile.

We always hear that London is where the worthwhile and well-paying jobs are, the corollary of this is that London property is in demand and expensive. However, it is no way compulsory to move there for work.

Personally, I've spent my adult life in Edinburgh. I probably earn less than I would in London, but my housing costs are much lower and the quality of life is far better, so I think that financial equation evens out.

Perhaps if more people made that analysis in that way, the regions would be more vibrant and we would have a more geographically diverse economy.

ukcarper

Loughton_Monkey wrote: »

Don't be daft. Even though they have very lucrative acting careers, they can't afford Loughton. Boomers only.

Has my portion of the boomer rent gone to you by mistake as I haven't received it yet.

kabayiri

grizzly1911 wrote: »

It would be one way of canning SS2.

Is SS2 the German equivalent of our high speed rail?!

kabayiri

robmatic wrote: »

If people are willing to pay London prices, it's because they've made a judgement - perhaps not explicitly - that access to the London labour market makes that price worthwhile.

We always hear that London is where the worthwhile and well-paying jobs are, the corollary of this is that London property is in demand and expensive. However, it is no way compulsory to move there for work.

Personally, I've spent my adult life in Edinburgh. I probably earn less than I would in London, but my housing costs are much lower and the quality of life is far better, so I think that financial equation evens out.

Perhaps if more people made that analysis in that way, the regions would be more vibrant and we would have a more geographically diverse economy.

Indeed.

I don't know many people who live in London, but a few people openly acknowledge they are working there to one day retire to somewhere a little less hectic. It feels like a working place to me.

Why are we still wedded to the notion that we have to live near to our workplaces?

Technology has moved on, making these notions old fashioned. Tele-commuting is a real alternative for many.

For the kind of work I do, I reckon I'd need to spend perhaps 2 days out of the 5 weekdays actually in the workplace. Of more use to me in London would be great value short term hotel accommodation and great value commuting costs.

Maybe this situation will change in the future.

After all, there was a time when we could never have imagined most of the world's goods being produced on the other side of the world.

CLAPTON

robmatic wrote: »

Personally, I've spent my adult life in Edinburgh. I probably earn less than I would in London, but my housing costs are much lower and the quality of life is far better, so I think that financial equation evens out.

Why do you say the quality of life is better in Edinburgh rather than London?

ruggedtoast

CLAPTON wrote: »

Why do you say the quality of life is better in Edinburgh rather than London?

Presumably because he hasn't wound up living in a ghastly flat share in Edmonton that costs two thirds of his take home pay.