London Has Peaked

System

lisyloo wrote: »

Are you on strike temporarily or permanently?

He's on strike until he can afford one, which if you ask me isn't a strike at all.

Bubble_and_Squeak

lisyloo wrote: »

Are you on strike temporarily or permanently?

until some time before april 2015, when the boomers can put their pensions into BTL

wotsthat

lisyloo wrote: »

Are you on strike temporarily or permanently?

I think strike might be overegging it. He got cheesed off with the market but, like a lot of Londoners, is pathologically committed to staying, living and working in London.

He's going to buy in early 2015 (whatever the price) and hopes prices drop between now and then. Nothing wrong with that but if that's a strike it might indicate just why prices are so high in London.

If it helps I'm on permanent strike. Unless an offer I can't refuse turns up out of the blue then I'll never actively look to buy in London.

lisyloo

What I was suggesting was that for some people e.g. lower paid workers, it might not simply be worth living in London at all.

Bubble_and_Squeak

wotsthat wrote: »

I think strike might be overegging it. He got cheesed off with the market but, like a lot of Londoners, is pathologically committed to staying, living and working in London.

He's going to buy in early 2015 (whatever the price) and hopes prices drop between now and then. Nothing wrong with that but if that's a strike it might indicate just why prices are so high in London.

If it helps I'm on permanent strike. Unless an offer I can't refuse turns up out of the blue then I'll never actively look to buy in London.

me 'oo!
although, i feel this is unlikely unless interest rates go up

wotsthat

lisyloo wrote: »

What I was suggesting was that for some people e.g. lower paid workers, it might not simply be worth living in London at all.

You'd think but every coffee and sandwich shop in London is staffed by low paid staff who travelled from all over Europe to get there.

Today might just be the peak but how many decades have we been hearing that for? What's different about this 'today'?

In_For_A_Penny_2

lisyloo wrote: »

I don't like the word strike, but doesn't it get to a point where people would consider other options e.g. moving somewhere else in the country, even moving to another country, changing job, changing career etc.

Have we reached that point right now?

I've decided to leave the SE and move North. . . simply for better quality of life and affordable housing.

Pity about the weather but you can't have it all.

If there was a house price crash I might consider moving back but I doubt it will ever happen.

Bubble_and_Squeak

lisyloo wrote: »

What I was suggesting was that for some people e.g. lower paid workers, it might not simply be worth living in London at all.

i think a lot depends on what your priorities are.
personally, i'd rather pay extra and live 10 mins walk from work rather than commute from outside london every day.

Bubble_and_Squeak

wotsthat wrote: »

You'd think but every coffee and sandwich shop in London is staffed by low paid staff who travelled from all over Europe to get there.

Today might just be the peak but how many decades have we been hearing that for? What's different about this 'today'?

chinas bubble bursting
cold war part 2
eurozone deflation
massive uk debt mountain
interest rate rises (here and in the US)
lending restrictions
1984 style perpetual war in the middle east
labour government
to name but a few

MobileSaver

lisyloo wrote: »

Do you think that there is no possibility of a "buyers strike"?

A tiny number of people like Brit1234, BubbleAndSqueak and the HPC crowd will claim to be on strike but the reality is (as Joeskeppi pointed out) that they simply can't afford what they want and aren't about to admit that they made the wrong decision.

The majority of people will take a much more pragmatic approach because they want their own place, want to start a family, be nearer to work or whatever and will do what it takes to achieve that.

What the HPCers on here seem to forget is that most people are buying a home not a house; somewhere to call their own where they can do pretty much what they want when they want. They're not that interested in whether it's worth a few percent more in six months or for that matter a few percent less, house buying for most is an emotional decision dictated by human needs and not a purely financial choice.