millennials-can-you-afford-rental-prices-in-london

[Deleted User]

westv wrote: »

What on earth is a millennial supposed to be?

It's the newer term for Gen-Y, people born between the early 80s and the late 90s.

Essentially, anyone from the age of 18-34 at the moment

CLAPTON

cells wrote: »

London now has access to very well paid jobs. 25 year old I know just got a job near liverpool street wage £150k plus bonus and likely to go up. 30 year old I know on about £400k + about the same again in bonus

20 years ago that sort of thing was far less common for the 20s age group.

If you want to turn the clock back you also need to turn the clock back on all the positives. London went from being poor to being rich. From about 20% of UK GDP to 30%

Had economic growth not happened to the extent it did in London then people wouldn't have come in such large numbers and wages would be a lot lower and homes might be cheap. Without rich London paying huge taxes maybe overall tax rates would be higher now too making us all poorer and further limiting the desire of migrants

but anyway every thread doesnt need to be about your pet topic so give it a rest for a day or two try to resist

it may well be true that the richest are doing very well : however young people doing worthwhile but not spectacular jobs (utility workers, teachers, nurses, junior doctors, middle managers etc) are have a much lower standard of living.

Its likely the large number of immigrants are attracted by many factors but very low pay in eastern europe being one and the terrible mismanagement by the EU leaders that have created huge pools of unemployment in southern europe being another.

There was a time when anyone with some knowledge of economic like say Generali would have thought that supply and demand was a relevant economic factor in discussing the price of rental properties in London, but now irrational religious like fervour for the EU will probably cause them to ignore the issue.

You would do well to learn the difference between the price and the value of things and the shortcoming of your god GDP as a measure of the welfare of the people.
3 million foreign born people living in a London of 8 million does indeed have a massive effect on the availability of family sized homes for the young people of London.

cells

CLAPTON wrote: »

it may well be true that the richest are doing very well : however young people doing worthwhile but not spectacular jobs (utility workers, teachers, nurses, junior doctors, middle managers etc) are have a much lower standard of living.

Its likely the large number of immigrants are attracted by many factors but very low pay in eastern europe being one and the terrible mismanagement by the EU leaders that have created huge pools of unemployment in southern europe being another.

There was a time when anyone with some knowledge of economic like say Generali would have thought that supply and demand was a relevant economic factor in discussing the price of rental properties in London, but now irrational religious like fervour for the EU will probably cause them to ignore the issue.

You would do well to learn the difference between the price and the value of things and the shortcoming of your god GDP as a measure of the welfare of the people.
3 million foreign born people living in a London of 8 million does indeed have a massive effect on the availability of family sized homes for the young people of London.

20 years ago on the equivalent min wage income could she have rented a whole property plus bills alone?

mayonnaise

Was in Boston, MA recently, talking to a colleague about the local housing market. Suburbs like Dorchester, South End, West Roxbury...eye-watering HPI.
And yet so far from the blimmin EU and their Eastern Europeans.
I wonder...what's so difficult in understanding that a well performing urban economy attracts people. The concept is not that hard to grasp, is it?

CLAPTON

mayonnaise wrote: »

Was in Boston, MA recently, talking to a colleague about the local housing market. Suburbs like Dorchester, South End, West Roxbury...eye-watering HPI.
And yet so far from the blimmin EU and their Eastern Europeans.
I wonder...what's so difficult in understanding that a well performing urban economy attracts people. The concept is not that hard to grasp, is it?

agreed that the concept of supply and demand determining price is not hard to grasp.
sadly there are many people on this board who find it an alien concept.
even more surprising, when discussing property, people find discussing demand and its causes somehow outrageous.
and again many can't grasp that 3 million foreign born people could possibly affect the property availability in London.

some I note, having failed to understand supply and demand in London seem to think they understand the market in Boston.

jimibaboza

cells wrote: »

20 years ago on the equivalent min wage income could she have rented a whole property plus bills alone?

According to many of the tales given on here, yes.

DRFC1879

I se from the above criteria that I'm (just at the ripe old age of 34) a "millennial".


The thing I can't understand is the huge attraction of living in London that means people are prepared to work long, hard hours at decent jobs to live in squalid little house shares and the like, paying rent for the rest of their lives.


OK, I know people born and raised in the area will have some emotional ties but the quality of life outside can be so much better.


Case in point, my wife and I have middle management jobs. We live in Doncaster. I commute to the outskirts of Leeds and she is based a little more locally. On a joint gross income of around £80k p/a we've got a four bed detached home with a decent sized garden on a quiet street in a decent part of town bought brand new 2 years ago for a shade over £200k. London is an hour and a half away by train so it's not beyond the wit of man to commute it if necessary. My commute is over an hour each way in the car anyway.


What is the obsession with living in the middle of London that makes it worth the sacrifice?

economic

if one can afford living in zone 1-3, then living in a smaller space is a sacrifice and a lot usually prefer to make that sacrifice. i know i did. i could have afforded a large house in zone 4-6 ina decent area but chose a flat in zone 3. sometimes its not all about the size of a property but the location, being in the inner zones makes it easier for nightlife, amenities and theres a safety factor in that they tend to hold their value more (as theres less supply and high rental demand supporting prices).

[Deleted User]

DRFC1879 wrote: »

What is the obsession with living in the middle of London that makes it worth the sacrifice?

Because it is more exciting and vibrant than living in a suburb of Doncaster?

I'm on the 'edge' of London (within M25), and yes, I could swap my 3 bed semi for a giant 5/6 bed house in Yorkshire; but I actually like living where I do and having experienced the 'pace of life' up north, I could never move up there.

DRFC1879

Don't get me wrong, I like a trip to the theatre and enjoy the atmosphere in London for a visit every now and then but on the whole the quality of life (not just in my hometown!) in many places outside of London is so much better.


Manchester, Newcastle, Nottingham and Leeds all have great nightlife if that's what you're after and still at a fraction of the price.