Anyone else moving out of London

AdrianC

Davesnave wrote:

but the concept of having roots in London may almost have died a death now, for a variety of reasons.

Long since.

The population of London was at its historical largest in 1939, just over 8.5m - it's still below that now, just over 8m, same as 1951 - although it's climbing from the 1991 trough of about 6.5m, the lowest 20th century figure. Those numbers are in different places, too - increases in the outer suburbs, decreases in the centre.

Many of those people have changed, of course - London's been a centre for various waves of migration at least since the Huguenots in the 17th century.

It's also worth remembering that home ownership rates are still at a historical high - about 2/3 of households. Back at the start of the 20th century, it was below a quarter, and didn't hit half of households until the 1970s.

marksoton

Personally after 10 years of living and working in London i don't see the appeal. Roots or not.

Great place to visit but not to live. And especially once you factor in the high cost of doing so.

Kevie192

marksoton wrote: »

Personally after 10 years of living and working in London i don't see the appeal. Roots or not.

Great place to visit but not to live. And especially once you factor in the high cost of doing so.

Depends on the industry you work in... I earn 60% more in London than I would anywhere else in the country.

I earn double what the OP does but I still wouldn't consider property ownership here. I don't understand why people think it is their god-given right to buy property in this country, especially with wages more than 10% below the average.

Ultimately, if the OP wants to buy property in London, he needs to lower his expectations or find a way to dramatically increase his income.

cloo

Apparently there is a massive exodus of 30-somethings from London, as I can see many have little choice in it.http://www.standard.co.uk/news/london/exodus-of-30somethings-from-london-speeds-up-as-property-prices-soar-a3353916.html

I don't think any of my work colleagues in their 30s who have bought a first place in the last few years (and it's about half a dozen) have bought in London - they're all in commuter belt places, often quite long commutes.

Cakeguts

Kevie192 wrote: »

Depends on the industry you work in... I earn 60% more in London than I would anywhere else in the country.

I earn double what the OP does but I still wouldn't consider property ownership here. I don't understand why people think it is their god-given right to buy property in this country, especially with wages more than 10% below the average.

Ultimately, if the OP wants to buy property in London, he needs to lower his expectations or find a way to dramatically increase his income.

For some areas of the country 60% more in London isn't enough to make up the difference in disposable income. If you could buy a modern 3 bed detached house for £250,000 in a good area you would have to earn more than 60% extra to get the same house in London.

Filo25

Cakeguts wrote: »

For some areas of the country 60% more in London isn't enough to make up the difference in disposable income. If you could buy a modern 3 bed detached house for £250,000 in a good area you would have to earn more than 60% extra to get the same house in London.

Possibly true to an extent, of course if you do buy the property in London you also should have a more valuable asset to sell if you ever want to leave the area.

Equally non-property costs certainly are much less than 60% higher in London than elsewhere, so its a tradeoff I quite happily make myself

[Deleted User]

Filo25 wrote: »

Possibly true to an extent, of course if you do buy the property in London you also should have a more valuable asset to sell if you ever want to leave the area.

Equally non-property costs certainly are much less than 60% higher in London than elsewhere, so its a tradeoff I quite happily make myself

Your asset will almost certainly increase in value quicker than those outside of the SE. I've seen my house shoot up by 160%, whilst my parents in the NW haven't seen any HPI.

AdrianC

ringo_24601 wrote: »

Your asset will almost certainly increase in value quicker than those outside of the SE. I've seen my house shoot up by 160%, whilst my parents in the NW haven't seen any HPI.

<clears throat>
"past performance is no guarantee of future results."

Quite simply, the fact that one area has historically risen much faster does not mean it will continue to do so. If anything, it may be an indicator of the exact opposite.

movilogo

A lot of people are leaving London due to unaffordable housing. So OP's case is nothing unusual.

Crashy_Time

ringo_24601 wrote: »

Your asset will almost certainly increase in value quicker than those outside of the SE. I've seen my house shoot up by 160%, whilst my parents in the NW haven't seen any HPI.

Someone forgot to tell this seller, asking price down 40% to try and shift it?


http://www.rightmove.co.uk/property-for-sale/property-58993571.html