Retire! London homeowners

Stevie_Palimo

MatthewAinsworth wrote: »

If everyone really knew all their options without ideas being presented, you wouldn't see people make debt mistakes, you wouldn't have silly dictators and terrorists, and you wouldn't even need forums

My post above clearly shown with your one here Mathew,

System

Its entirely true, this is a world with much human failing and mistakes, somebody may actually benefit from ideas like that and the odd bit of humour in other posts of mine. Worth trying I think

Stevie_Palimo

MatthewAinsworth wrote: »

Its entirely true, this is a world with much human failing and mistakes, somebody may actually benefit from ideas like that and the odd bit of humour in other posts of mine. Worth trying I think

I bet you believe in ferry's and pots of gold at the end of rainbows to Mathew.

westernpromise

It would be a major bummer for second time buyers if Londoners started retiring early and buying up all the small family homes.

Imagine being limited to 3.5x the average salary in North Wales and finding you'd bidding against Mr. and Mrs. Retiring-Londoner who have 50 years of accumulated London equity to splurge.

You'd get buried.

System

Western - yes, sadly there would be losers as well as winners, as with most economic things. Hopefully though a wide choice of destinations will spread the emigration effect, and maybe there would be less risk of a London bubble and less weighting of London in the averages

movilogo

Because they know once they sell a London house not even their children can afford to buy one again. So they would rather pass it to their children.

System

Good point, buy to let could protect their equity maybe for the next generation?

Conrad

Thrugelmir wrote: »

Ones needs a lot of money to retire early.

Tell me about it.


I reckon on wanting to retire on a take home pay of £1000 per week, and that will hardly give us a luxurious retirement.
Need a lot of asset to generate that and I'm not one for spending capital as I don't know how long I'll live.


Mates of mine have no pension, just modest equity in their main home so even downsizing is not much of an option and the equity released would generate only a small income.

cells

London is too big a market to generalize

A nice terrace in Hackney is £1.5m while similar in Walthamstow is £800k and the same in Enfield is maybe £500k and the same in Blackburn £250k

To make the retirement from sale of property worthwhile you really need to start with a nice house in an expensive area of London and move out of London. Or you could just move five miles away from the centre of London towards zone 4 and get almost the same spare cash. eg £1m going from hackney to enfield rather than £1.25m going from Hackney to Blackburn

lisyloo

I think discussion is great, but retirement is generally based around - having enough money, health and employment prospects.
Also I travel on tubes/buses and see very few retirement age people.
We came here for career reasons in our 40s and many people come here when younger. It simply isn't full of old people.