Is £250K for a 1 bed flat about right price for West London in traditional terms?

wotsthat

A tiny flat for £250k?

Only Londoners would argue it sounds too cheap and must have something wrong with it.

It's another world.

elliotwave

MARTYM8` wrote: »

I think people confuse the mean wage in London with the median wage - the former is distorted by a smallish proportion of very high paid workers whereas the latter reflects more closely what a a typical person earns. In London the median - typical - income is less than £30,000 if you strip out residents of K&C, the City and Westminster.

Now if you think its sensible or desirable that the best most people on well above average earnings can do is to afford to buy a one bed flat at a four times salary multiple - then we really have lost the plot.

And as for £250k getting you a one bed - in Acton it might just buy you a pokey studio flat now or a one bed above a pizza parlour.

I do agree with you, the situation is out of control. I know that block of flats, they are actually quite nice which is why the price is hyped + near to shep bush and Westfield (which is complete tulip ofcourse) but i still wouldn't pay that much for a studio...in fact i would pay anything for a studio i think they are dreadful.

As far as the median issue goes ....i think its possible to massage it too far depending on what data you choose to include. I just get the impression that there are a lot folks on 40K+ ...

god its annoying that new users can't post links. I had a link to show this but can't post it.

But sad that even those high earners can only aspire to a 1 bed...not good, but with BTL etc will support those prices levels for the forseeable future

chucknorris

wotsthat wrote: »

A tiny flat for £250k?

Only Londoners would argue it sounds too cheap and must have something wrong with it.

It's another world.

IMO Putney is a good area, there would be a stampede if that flat was put on the market now for £238k. It looks like ex council, but even so, I think that it was probably a bit of a bargain at the time that it sold (last June), but looking back with the benefit of hindsight makes it look even better value.

London is another world, it is great when you move out and see what your money buys. An experience that we might feel again if we move to a non commuting town post retirement.

lisyloo

It's another world.

It certainly is.
In London we swap space for the best career opportunities, fantastic infrastructure and the best cultural, historical and social opportunities.

I appreciate (and enjoy) both sides of it because I have two homes.
You seem to have a pathological hatred of London and feel that people that choose this option are insane.
I have no issue with prizing spare bedrooms and a garden highly (or countryside or whatever is it) but I also recognise that people have different priorities.
Clearly the house prices show very keenly that certain areas are more desried than others, but why do you have such an issue with other people's choices?
Some of us don't really want a garden and aren't too bothered about spare bedrooms either.

I would like to see much tighter policies on foreign buyers in london, however BTL affects the entire country.

MARTYM8`

lisyloo wrote: »

You seem to have a pathological hatred of London and feel that people that choose this option are insane.

Where does the poster say they have a pathological hatred of London?

I think they just have a pathological hatred of high house prices which people even on well above average earnings can't afford - and that includes paying 10 times median local earnings to live in a one bed flat above a pizza parlour in Acton.

Do posters on here not have kids/grandkids/nieces/nephews - do they not care about the consequences of all this craziness for them?

IronWolf

chucknorris wrote: »

Putney is a good area,

I would in no way describe Putney as a nice area. I've lived in Zone 1 all my time in London, in some actually nice areas, and been to Putney a few times, I wouldn't live there. It's crazy that dumps like Brixton and Putney are now 'desirable', its simply because regular folk have been priced out of the centre and are forced to the dodgy parts now.

chucknorris

IronWolf wrote: »

I would in no way describe Putney as a nice area. I've lived in Zone 1 all my time in London, in some actually nice areas, and been to Putney a few times, I wouldn't live there. It's crazy that dumps like Brixton and Putney are now 'desirable', its simply because regular folk have been priced out of the centre and are forced to the dodgy parts now.

You are of course entitled to YOUR opinion, but then so am I, and in MY opinion Putney is a good area. I lived in Battersea (not that far away) for about 10 years and although I have never lived in Putney, I've been there quite a few times as one of my friends lived there. I wouldn't touch Brixton with a barge pole, but again that is just my opinion, others that like Brixton, have the right to do so.

lisyloo

Where does the poster say they have a pathological hatred of London?

He or she is continually criticising people who choose to live in London.

and that includes paying 10 times median local earnings to live in a one bed flat above a pizza parlour in Acton

I know this. We can't afford to buy the 1-bed flat we live in, but we CHOOSE to live somewhere small rather than face a long commute or be unemployed in the countryside.
Spare bedrooms are not be be-all and end all and I don't really like gardening, so there needs to be an appreciation of difference.

Do posters on here not have kids/grandkids/nieces/nephews - do they not care about the consequences of all this craziness for them?

Yes - and I do care about younger generations.
I care about the issue of high house prices which exists country wide but is especially acute in London (because it is so highly desired).
However I do appreciate that people might want to make different choices in life. Some might want to live over a pizza parlour for a while to experience the vibrancy of the greatest city in the world whilst training for a great job, others really value a place to walk their dog in the morning.

wotsthat

lisyloo wrote: »

It certainly is.
In London we swap space for the best career opportunities, fantastic infrastructure and the best cultural, historical and social opportunities.

I appreciate (and enjoy) both sides of it because I have two homes.
You seem to have a pathological hatred of London and feel that people that choose this option are insane.
I have no issue with prizing spare bedrooms and a garden highly (or countryside or whatever is it) but I also recognise that people have different priorities.
Clearly the house prices show very keenly that certain areas are more desried than others, but why do you have such an issue with other people's choices?
Some of us don't really want a garden and aren't too bothered about spare bedrooms either.

I would like to see much tighter policies on foreign buyers in london, however BTL affects the entire country.

I don't hate London - I love it. It's the best capital city on the planet bar none.

I just prefer to earn London wages outside of London which means I can afford a much nicer home than I could ever afford in London and run a lovely holiday place on the coast too. When I go to London, which is a few times a month, I just hop on the train and I'm there in 90 minutes - yes, we've got trains, electricity and even indoor toilets now.

I don't know how Londoners manage to do any exercise. The £250k flat in West London had access to nice parks but I just can't imagine how anyone could motivate themselves to go for a run if they live in, say, E17 where bubble & squeak was posting rightmove links of really expensive holes in unpleasant areas.

I do, however, agree you are all slightly insane - maybe it's all that coffee you drink - there's a coffee shop every 15 metres!.

Out,_Vile_Jelly

Since when has Putney been a dump? Green space on your doorstep, nice pubs, decent shops (inc Waitrose), occupied by 20s professionals or affluent families, Tory MP. Can't believe it's just been compared to Brixton (aggressive beggars, chavs and Primark featured in my only visit).

Re flat prices in West London; a friend is currently looking and reports that 1 bed flats are approaching £400k in Ealing. She works in the City so is hardly poor, but is shocked at what she gets for her money. I think at that kind of price you're better off looking a bit further out for a 2 bed terrace freehold.