In my 30s and in London - what do I do?

josephine82

Having read this I think that wherever you move to you do have to find hobbies, things to do in the evenings and weekends if you aren’t near your friends. You’ve had some great suggestions which would apply wherever you live. 

Have you looked at south/ south east London? A few suggestions, Croydon, Sidcup, Eltham, Orpington, Lee, Hither Green to name a few. Lots of shared ownership options around here too. 

I have a friend who shares a flat with one other person and she loves it, a bit of company but more grown up than a group house share. Nothing wrong with this if you find somewhere you like and it fits within your budget. 

[Deleted User]

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

Retireby40

[Deleted User] said:

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

There are people with too much food in the fridge while many rely on food banks.

There are many with 2 cars while others have to use a push bike.

There are people with 2 jobs yet others with none.

What should we do there? Fine and punish people for spending their money how they see fit?

I inherited a property while owning another. What should I do? Sell the property, put the money in the bank and watch the value of my money drop? I live abroad and may move back. What should I do sell risk house prices rising further and when I want to buy having to settle for a 2 bed terraced instead of a 3 bed semi?

theoretica

wildbilljones

 said:Thanks. I chose Norwich because it's a nice city, has beautiful surrounding countryside and the train to London only takes 1hr50.

How much have you actually been in the nice city and beautiful surrounding countryside?  If not much then I think you need to either come round to the idea that these do not matter to you, and move them lower down the list of considerations about where to live, or make much more time and effort to experience them.

 

tooldle

[Deleted User] said:

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

Things could be worse. There could be a very small group of people with more than one property and a even bigger shortage of housing, as was the case for many parts of the UK between 1939 and the early 1970's. Bombs falling on the housing stock disrupt supply for a considerable period of time. 
It is all cyclical, we've been here before and we can't always have what we think we want. 

Retireby40

tooldle said:

[Deleted User] said:

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

Things could be worse. There could be a very small group of people with more than one property and a even bigger shortage of housing, as was the case for many parts of the UK between 1939 and the early 1970's. Bombs falling on the housing stock disrupt supply for a considerable period of time. 
It is all cyclical, we've been here before and we can't always have what we think we want. 

And we can't always have what we think we deserve and have a divine right to have while our actions (not everyone's but a significant numbers) don't fit with our objectives.

sheramber

[Deleted User] said:

sheramber said:

[Deleted User] said:

sheramber said:

It is not a new situation.

20 years ago a colleagues daughter and son in law moved from London to Edinburgh when she became pregnant,  as , despite having two salaries, , they could only afford a small 1 bedroom flat.

House prices have risen over 140% in most UK cities in the last 20 years. Salaries haven't. So, respectfully, I think you're very wrong.  

How can I be wrong about a statement of fact.

This is the kind of stuff I hear from my parents. "It was hard when we first bought a house too". Their first house cost 40k in 1991. Unless they were earning about 4k a year (they weren't), it's entirely incomparable to the situation first-time buyers face now. 

But the scenario is the same.  

A young couple with two salaries- one was a teacher-  could not afford anything bigger but were able to buy a two bedroom house in Edinburgh, which is not a chap place to buy.

Retireby40

sheramber said:

[Deleted User] said:

sheramber said:

[Deleted User] said:

sheramber said:

It is not a new situation.

20 years ago a colleagues daughter and son in law moved from London to Edinburgh when she became pregnant,  as , despite having two salaries, , they could only afford a small 1 bedroom flat.

House prices have risen over 140% in most UK cities in the last 20 years. Salaries haven't. So, respectfully, I think you're very wrong.  

How can I be wrong about a statement of fact.

This is the kind of stuff I hear from my parents. "It was hard when we first bought a house too". Their first house cost 40k in 1991. Unless they were earning about 4k a year (they weren't), it's entirely incomparable to the situation first-time buyers face now. 

But the scenario is the same.  

A young couple with two salaries- one was a teacher-  could not afford anything bigger but were able to buy a two bedroom house in Edinburgh, which is not a chap place to buy.

The bottom line is the OP has a few options. Upskill to earn more than 30-32k a year in London, take on a second job for a year or two at the weekends and sacrifice hanging out with mates for the long term good, or move out of London. 

Asia most definitely isn't the answer if Norwich is too far.

[Deleted User]

Retireby40 said:

[Deleted User] said:

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

There are people with too much food in the fridge while many rely on food banks.

There are many with 2 cars while others have to use a push bike.

There are people with 2 jobs yet others with none.

What should we do there? Fine and punish people for spending their money how they see fit?

I inherited a property while owning another. What should I do? Sell the property, put the money in the bank and watch the value of my money drop? I live abroad and may move back. What should I do sell risk house prices rising further and when I want to buy having to settle for a 2 bed terraced instead of a 3 bed semi?

None of your examples are the same, because there is not a shortage of food, of cars, of jobs. But there is a shortage of houses.

We already punish people for spending their money how they see fit. Taxes and fees on second properties are higher than on your first one. Precisely to discourage this kind of thing.

You correctly identified the problem here. All other investments are worse than property. Nothing else increases in value so fast, while also providing an income through the rent. At the expense of the people forced to rent because they can't buy anything.

Of course it should be stopped. There should be other options for people like you who want to see a decent return on investment.

[Deleted User]

Retireby40 said:

tooldle said:

[Deleted User] said:

Retireby40 said:

p00hsticks said:

[Deleted User] said:

AFF8879 said:

wildbilljones said:

zagubov said:

In my last workplace (in inner London) the staff were mainly recruited from all over England and beyond. They came to start work in their mid-20s and invariably left for promoted posts in the midlands and points north when they were getting married and starting families.
It didn't cross their minds at all to stay here and raise a family. It was always obvious to them that London's not set up for that.
Just about every other big city's got all you need. Even some small cities have it.
Can I please ask, what is it that's stopping you from exploring other more affordable and liveable cities?

I live in Norwich. I moved there because I couldn't afford to live in London or anywhere near London. I'm miserable in Norwich because all of my friends and family are in or near London. I don't know why I go to work for 5 days a week to sit in a flat in a city I don't want to be in, hundreds of miles away from my friends and family. 

I understand the situation. A generation has been hung out to dry by the one above it. 

I’m in your generation, and this is quite frankly a stupid take on the situation (although I understand it, given you’re stressed and anxious about the future)

People of any generation buying houses are not cackling whilst rubbing their fingers wanting to pull up the drawbridge. People took advantage of the opportunities at the time. There’s lots of things you can blame for the current housing situation but entire generations is not one of them.

One of the biggest problems is buy to let. Having screwed up the economy and climate, boomers are now looking to owning other people's homes as a way to supplement their adjust generous pensions (which are closed to younger generations).

At the risk of extending a thread that is veering dangerously into verboten 'discussion Time' territory....

I'm not sure it's entirely down to boomers. It may jsut be my perception but we seem to see quite  a lot of posts on these boards from (I assume) youngish people who either both own their own properties and decide to continue to hang onto both when they move in together or who are upsizing due to growing families but still want to keep the existing one...

Also many people also inherit properties while owning their own. Some don't want to sell because of sentiment. Some don't want to sell because they may in the future need that property and the most suitable thing to do is rent it.

Landlords in general get a bad name. Many people ignorantly call them greedy, however it's purely a form of investment and being smarter with their money and making the most of earnings or savings.

Yes, there are too many people with more then one property at a time when there is a massive shortage.

Things could be worse. There could be a very small group of people with more than one property and a even bigger shortage of housing, as was the case for many parts of the UK between 1939 and the early 1970's. Bombs falling on the housing stock disrupt supply for a considerable period of time. 
It is all cyclical, we've been here before and we can't always have what we think we want. 

And we can't always have what we think we deserve and have a divine right to have while our actions (not everyone's but a significant numbers) don't fit with our objectives.

The problem with not being able to own a house is that you are going to end up renting into retirement. Only inflation can save you by making the rent affordable compared to your pension, but even then you can't move because that would involve a massive hike in rent.

The divide between those who can afford a house and those who can't is going to keep growing. As an example, we are ending sales of fossil fuelled cars and moving to electric. It's vastly cheaper to charge at home if you can. So people who can only afford to rent a flat with no charging capability are going to be paying several times as much to keep their vehicle moving.

Some people like to accuse others of feeling entitled, but the reality is that they have shaped this country into one where you need to own property to not see your wealth lost to rent, higher bills and inflation.