Today's Bear food

economic

p1212 wrote: »

So you are saying only people who earn 80-100k on average should live in London.

That's top 1-1.5% percentile in the UK, so according to you only 900.000 people should be able to live in London and all the other 9 million should just leave London. Funny

not sure if you are just a troll/joking around on here or serious but i feel you dont even think what you type and instead post this garbage. its no wonder you are so bitter as you know yourself you are not smart enough to be ever be able to afford to live in london.

HAMISH_MCTAVISH

p1212 wrote: »

only people who earn 80-100k on average should live in London.

Nah.....

There's also lots of couples on 40-50K each who can buy in the OK parts.

And plenty more on less who can buy in the less desirable parts.

And of course the majority who bought already and will leave it to their kids when they die.

And then there's some who will never buy.

If you can't afford a million quid house in London you can live in a 500K flat in London - if you can't afford that you can live in a 200K flat in the less desirable parts of outer London - or a 300K house near enough to London to commute.

Cut your cloth to suit... Like everyone else had to.

p1212

economic wrote: »

nope i bought at 550k. and its not like i put all my money into it. i put roughly half of my money.

now do you realise how poor you are? this is the wealth inequality that is happening. yes you are angry and bitter but then so are others. but also there are many like me who are doing ok. some even better. welcome to a world that just aint so fair.

Ok, now I understand why are you so angry, you just bought recently at the top, a bit of a vested interest here and there.

While I don't want you or anyone else to suffer, the inevitable fall is happening and has nothing to do with brexit:
http://www.home.co.uk/guides/asking_prices_report.htm?location=london&startmonth=01&startyear=2016&endmonth=08&endyear=2016

London recently became 30%-40% more expensive compared to local wages than any other cities in the western world, including New York or Paris. This actually has nothing to do with being on an island or "privileged" status of the city or any nonsense like this. The only reason for this are goverment policies in the last 2-3 years.

These price levels won't stay for too long either (or wages will shoot up which is highly unlikely due to struggling real economy). Tightening on BTL and investment money has just started the result is clearly visible on the graph above. May won't reverse any of the changes, she actually sacked Osborne spectaculary who has created the bubble. According to the rumors Hammond wants to solve the housing crisis (everyone knows there is a crisis even MPs talk openly about it, just a few MSE posters deny it) by building MILLIONS of houses. Now that won't help the above graph either...

The game is more or less over.

p1212

HAMISH_MCTAVISH wrote: »

Nah.....

There's also lots of couples on 40-50K each who can buy in the OK parts.

And plenty more on less who can buy in the less desirable parts.

And of course the majority who bought already and will leave it to their kids when they die.

And then there's some who will never buy.

If you can't afford a million quid house in London you can live in a 500K flat in London - if you can't afford that you can live in a 200K flat in the less desirable parts of outer London - or a 300K house near enough to London to commute.

Cut your cloth to suit... Like everyone else had to.

Sorry when they die at 80, their kids will be like 50 I don't think anyone would want to buy their first property around that time. If inheritance is the big thing which helps out londoners, why home ownership falls like a stone?

What you don't understand is that you cannot force a generation into a situation where they need to come up with 3-4 times the effort the former generation needed. It can work temporarily with government support, central bank support, etc... but you are trying to fight gravity.

economic

p1212 wrote: »

Ok, now I understand why are you so angry, you just bought recently at the top, a bit of a vested interest here and there.

While I don't want you or anyone else to suffer, the inevitable fall is happening and has nothing to do with brexit:
http://www.home.co.uk/guides/asking_prices_report.htm?location=london&startmonth=01&startyear=2016&endmonth=08&endyear=2016

London recently became 30%-40% more expensive compared to local wages than any other cities in the western world, including New York or Paris. This actually has nothing to do with being on an island or "privileged" status of the city or any nonsense like this. The only reason for this are goverment policies in the last 2-3 years.

These price levels won't stay for too long either (or wages will shoot up which is highly unlikely due to struggling real economy). Tightening on BTL and investment money has just started the result is clearly visible on the graph above. May won't reverse any of the changes, she actually sacked Osborne spectaculary who has created the bubble. According to the rumors Hammond wants to solve the housing crisis (everyone knows there is a crisis even MPs talk openly about it, just a few MSE posters deny it) by building MILLIONS of houses. Now that won't help the above graph either...

The game is more or less over.

ok so its worse then i thought based on this reply. you are not a troll but actually believe in what you say. i do feel sorry for you.

i actually bought my first flat in 2013 which i sold for a decent profit and bought in a more desirable area this year. but yes if you look at the price history going back decades i bought roughly at the top. and i am glad i bought as i would hate to be renting and wasting money. prices imo are fair value at the moment.

economic

it may surprise you p1212 but i actually want prices to fall or even crash. i have enough cash and want to invest so a crash would be welcome for me. it means i can simply retire earlier.

economic

AFF8879 wrote: »

I only take home £3700 net and I bought in London zone 2 aged 29. Just a 1 bed flat, mind, but why would I need anything bigger? I have saved (albeit intensely, always lived in flatshares / bedsits) for about 6 years, and I only started on £31k salary so not as though I've been on my current salary all that time. No financial help from mum or dad (though lots of decorating!), my family aren't exactly rolling in it.

If you're only looking at houses and not flats, VERY few people would ever be able to buy in London. The best way to go would be buy a cheap (relatively speaking) flat now and build up your equity. You can clearly afford to with that salary...

where did you buy in zone 2? im thinking of buying a one bed flat t live in and renting out my 2 bed flat as i dont need the space. i am waiting for the right property and possibly for some price drops and desperate sellers.

p1212

economic wrote: »

ok so its worse then i thought based on this reply. you are not a troll but actually believe in what you say. i do feel sorry for you.

i actually bought my first flat in 2013 which i sold for a decent profit and bought in a more desirable area this year. but yes if you look at the price history going back decades i bought roughly at the top. and i am glad i bought as i would hate to be renting and wasting money. prices imo are fair value at the moment.

Ahh, so you actually haven't saved up for the 600K flat, you just had some nice capital gains from the other flat you've bought JUST BEFORE prices went up 40-60%, in some places 80-100% in London.

So all stories about better education, saving up monthly 2.5 grand for a decade for a 40% deposit, working harder - you never did, but you still tell to others to do it.

Nice.

If you think for a while you realize it is actually me, who wants to buy something from the money I worked for and it's you who is advancing due to speculation, capital gains etc...

p1212

economic wrote: »

where did you buy in zone 2? im thinking of buying a one bed flat t live in and renting out my 2 bed flat as i dont need the space. i am waiting for the right property and possibly for some price drops and desperate sellers.

Any other ideas for investment? Business or some productive stuff?

economic

p1212 wrote: »

Ahh, so you actually haven't saved up for the 600K flat, you just had some nice capital gains from the other flat you've bought JUST BEFORE prices went up 40-60%, in some places 80-100% in London.

So all stories about better education, saving up monthly 2.5 grand for a decade for a 40% deposit, working harder - you never did, but you still tell to others to do it.

Nice.

If you think for a while you realize it is actually me, who wants to buy something from the money I worked for and it's you who is advancing due to speculation, capital gains etc...

this is just silly. i buy for a home not to speculate. you are speculating by not buying. i sold as i didnt like the area, i so happen to have made a gain too.

keep in mind i bought during the boom and not before it so i didnt make as much as you think. also i still have other wealth not in property. and yes i did save 2.5k a month, its not that hard to do if you have a decent job in london you know. maybe you should try it?