Anyone else moving out of London

[Deleted User]

Crashy_Time wrote: »

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

"Given a long enough timespan" - should have been added to my words

My first London home lost 10% within a year of buying it.. then I eventually sold it after 5 years when it went up by 10%. The same house has risen in price by 170% since (over another 5 years).

missbiggles1

Person_one wrote: »

Just pointing out that its not a completely off the wall idea for single person to want more than a 1 bed flat!

My deposit from my equity was not far off the OPs, and I earn less than him. He would have absolutely no trouble at all buying a nice house in a nice area near me, or in loads of perfectly pleasant areas all around the rest of the country.

People keep telling me it isn't possible in London like I don't know that! My whole point in responding to the OP was to agree with him that it shouldn't be like that, its rubbish for ordinary people with roots in London who can't stay there.

As far as London and much of the south east goes it's nothing new, neither is moving to another part of the country to work. My parents did it in the 30s, my in laws did it in the 60s, I did it in the 70s/80s. The idea that the country was once like one vast Coronation Street set hasn't been true for over a century and, personally, I think it would be very life limiting if it were.

[Deleted User]

missbiggles1 wrote: »

As far as London and much of the south east goes it's nothing new, neither is moving to another part of the country to work. My parents did it in the 30s, my in laws did it in the 60s, I did it in the 70s/80s. The idea that the country was once like one vast Coronation Street set hasn't been true for over a century and, personally, I think it would be very life limiting if it were.

My parents too.. my mum is from the East end, and when it came to look to settle down, they tried to buy in London but couldn't afford it and moved up to Manchester.

I live where they wanted to all those years ago

FBaby

Surely they must have been able to at some point or there wouldn't be so many working class or lower middle class people with roots in London? There used to be cheaper parts of London but I suppose they've mostly 'up and come' now and are as unaffordable as anywhere else!

Maybe a very long time ago then because 20 year ago, OH and I earned £35K together and rented a two bed top flat in a zone 3 pleasant but not well thought of (train but no underground). Our Landlord decided the sell the place then and offered it to us. We couldn't afford it, end of. We were planning to start a family, so losing out on pay for a few months and therefore had no choice but to move away from our friends and family. We've survived it though, moving really isn't the end of the world and family can still be seen over the week-ends.

£30K in London is not a good salary, end of, so no point in comparing what it worth elsewhere because OP wants to stay in the London area. Can they buy something for £180K within commute? Yes, but they will have a commute of at least one hour, probably more and high travel costs, so ultimately, it's about accepting that it's a choice between settling elsewhere for the house, or staying local for the family/friends at the cost of the house.

always_sunny

missbiggles1 wrote: »

As far as London and much of the south east goes it's nothing new, neither is moving to another part of the country to work. My parents did it in the 30s, my in laws did it in the 60s, I did it in the 70s/80s. The idea that the country was once like one vast Coronation Street set hasn't been true for over a century and, personally, I think it would be very life limiting if it were.

Sometime when I read people's ideas of how what they think life used to be it seems very distorted! I wonder where they get these ideas that 40 years ago it was so much easier to live on relatively low salary and being able to buy large properties in a capital city!

Harper123

If you don't have any other big financial commitments or dependants with a 30k salary and a 60k deposit you should just still be able to still buy a nice two bed house in Bedfordshire with a 35-40 minute into London.

DiamondLil

missbiggles1 wrote: »

As far as London and much of the south east goes it's nothing new, neither is moving to another part of the country to work. My parents did it in the 30s, my in laws did it in the 60s, I did it in the 70s/80s.

Same here; four generations have gradually moved further and further out of London.

suki1964

There's only my sister living in London now, and she can only afford to do so ( Notting Hill) because she's in a housing association flat

For those of us who managed to get a deposit and to buy a property, first it was Surrey , then Hants, now none of us live in England

Mossfarr

I know its quite random but I just thought I'd throw this into the mix.....
London is not unique with regards to the demand and property prices - in my experience its the same as every capital city - you need to get over it or move to an area that you can afford!
My son lives in Canada and has recently moved to Vancouver where property is massively sought after by foreign investors trying to make a fast buck. To try to address this problem the Govt has just introduced a an additional 15% purchase tax on any non resident or foreign purchasors. It seems to be working, within a very short time the demand has significantly reduced and prices are falling quickly.
Could it work in London - surely it would be worth a try.
(or are there too many politically influential non resident property owners in our country for it ever to get the go ahead)??

marksoton

Mossfarr wrote: »

I know its quite random but I just thought I'd throw this into the mix.....
London is not unique with regards to the demand and property prices - in my experience its the same as every capital city - you need to get over it or move to an area that you can afford!
My son lives in Canada and has recently moved to Vancouver where property is massively sought after by foreign investors trying to make a fast buck. To try to address this problem the Govt has just introduced a an additional 15% purchase tax on any non resident or foreign purchasors. It seems to be working, within a very short time the demand has significantly reduced and prices are falling quickly.
Could it work in London - surely it would be worth a try.
(or are there too many politically influential non resident property owners in our country for it ever to get the go ahead)??

It's far too much of a good idea for the UK!