What's the future of London with the ridiculous house prices?

LiveOnce

I saw a 1 bedroom flat in Earl's Court recently go for £450,000.

This wasn't an apartment, it was a maisonette.

It's absolutely crazy what's going on in London.

Most under 35yr olds right now won't be able to buy a house there or a decent property, it's become a generation rent.

It seems like the only way is to inherit a house, or marry someone to double the income and buy a crappy property, and I know some people who are staying in bad relationships just to get a property.

What's the future of London if this is going to continue?

CLAPTON

LiveOnce wrote: »

I saw a 1 bedroom flat in Earl's Court recently go for £450,000.

This wasn't an apartment, it was a maisonette.

It's absolutely crazy what's going on in London.

Most under 35yr olds right now won't be able to buy a house there or a decent property, it's become a generation rent.

It seems like the only way is to inherit a house, or marry someone to double the income and buy a crappy property, and I know some people who are staying in bad relationships just to get a property.

What's the future of London if this is going to continue?

but look at how many coffee bars and restaurants there are :

surely a family home is worth sacrificing for a vibrant coffee shop culture.

mwpt

LiveOnce wrote: »

I saw a 1 bedroom flat in Earl's Court recently go for £450,000.

This wasn't an apartment, it was a maisonette.

It's absolutely crazy what's going on in London.

Most under 35yr olds right now won't be able to buy a house there or a decent property, it's become a generation rent.

It seems like the only way is to inherit a house, or marry someone to double the income and buy a crappy property, and I know some people who are staying in bad relationships just to get a property.

What's the future of London if this is going to continue?

Well, in theory it should be self regulating. If the city becomes unaffordable, people will seek out alternatives. I'm hearing that Bristol is a popular alternative and prices there are rocketing, and now considered "mental" by recent standards.

Conrad

CLAPTON wrote: »

but look at how many coffee bars and restaurants there are :

surely a family home is worth sacrificing for a vibrant coffee shop culture.

Get this, people actually live in the sticks in nice houses and, wait for it..............commute into London


How one lives without a theatre at the end of the road in anyone's guess.

wymondham

* there are also other locations to live/work

Conrad

wymondham wrote: »

* there are also other locations to live/work

But, but, but, people have a right to a house in London, it says so in the Bible

wymondham

Conrad wrote: »

But, but, but, people have a right to a house in London, it says so in the Bible

that is true. I think I'll sell my 3 bed semi with garden and buy half a garage in London and live the dream!

ukcarper

mwpt wrote: »

Well, in theory it should be self regulating. If the city becomes unaffordable, people will seek out alternatives. I'm hearing that Bristol is a popular alternative and prices there are rocketing, and now considered "mental" by recent standards.

Instead of that flat you could buy my 4 bed detached which is 45mins from London by train,and have enough money left over to pay for your commute for the next 10 years.

CLAPTON

LiveOnce wrote: »

I saw a 1 bedroom flat in Earl's Court recently go for £450,000.

This wasn't an apartment, it was a maisonette.

It's absolutely crazy what's going on in London.

Most under 35yr olds right now won't be able to buy a house there or a decent property, it's become a generation rent.

It seems like the only way is to inherit a house, or marry someone to double the income and buy a crappy property, and I know some people who are staying in bad relationships just to get a property.

What's the future of London if this is going to continue?

the future is multiple occupancy (people sharing) until the flow of immigrant is halted one way or another

westernpromise

LiveOnce wrote: »

I saw a 1 bedroom flat in Earl's Court recently go for £450,000.

This wasn't an apartment, it was a maisonette.

It's absolutely crazy what's going on in London.

People have been saying that for ~65 years.

In 1950 you could buy a whole white stucco house in Maida Vale for £2k.

By 1960 it was £10k, by 1970 £30k, by 1990 £500k and today it's £5 million. At every step of that walk people have looked at last year;s price and said "It's absolutely crazy what's going on in London".

There is a whole forum dedicated to the idea that the "right" price for houses is what they were 20 years ago. Of course 20 years ago the same people thought those prices were too high too, and that the right price was the 1976 price.

The alternatives to buying in London are renting in London, buying elsewhere and commuting, or renting elsewhere and commuting. For as long as the latter two remain ludicrously costly and time consuming, London property will sell.

lisyloo

ukcarper wrote: »

Instead of that flat you could buy my 4 bed detached which is 45mins from London by train,and have enough money left over to pay for your commute for the next 10 years.

Is that 45 mins door to door, or just the train part?
can you say where the 4 bed is? and how long it is between leaving home and getting on the train at your end I.e. Travel time & wait time.

I leave 25 mins before the train and then have 31 mins the other end (fastest time on tfl).
I might be interested in buying :-) but just trying to work out whether it's 45 door-to-door or more like 25+45+31 (and that's on days everything is running smoothly).