Soldato
The new mayor is setting affordable housing prices much lower than Boris and insisting developers build more.
House prices are only going to go one way.
House prices are only going to go one way.
The new mayor is setting affordable housing prices much lower than Boris and insisting developers build more.
House prices are only going to go one way.
Or maybe they'll invest even more as their Sterling becomes weaker, making the properties cheaper.
Those flats are a £420k+ for 2 bed flats now. You still are looking at a combined income which is high.
Those new developments are struggling to sell the properties. People in the Renaissance development trying to sell their purchases are seriously struggling.
this... maybe people need to lower their standards... Lewisham for example, actually zone 2, should be easily affordable for a couple earning an average wage or even a bit below average. Easy direct trains or DLR to Canary Wharf, the City(Canon Street) and the West End(Charring Cross), London Bridge - so a 15-20 minute commute.
Whole bunch of new developments... ditto to the zone 3 areas nearby - for example Lee is right next to Blackheath but not as expensive (unless the estate agent is marketing the property as Blackheath), Hither Green too.. both zone 3, nice enough suburban areas and easy commutes.
We'll be looking for a house next to settle down and have kids, but I work in Weybridge and she works in Chelmsford, so we'll have to both sacrifice on commute times. Not a huge amount of options for us under 300k, and we both earn above the London median.
My first flat with my ex was a 1 bed on zone 4, 150k in 2010, she just sold it for £300k, my gf's 2 bed we are in now is in Tottenham and worth 400k (but she only has 35% of it which is mostly still mortgaged.)
We'll be looking for a house next to settle down and have kids, but I work in Weybridge and she works in Chelmsford, so we'll have to both sacrifice on commute times. Not a huge amount of options for us under 300k, and we both earn above the London median.
Why 300k? If you have a combined income of over 100k then surely you can afford more.
Because we don't earn that much? The London median is only £35k
Also we both have amazing jobs (relative to enjoy-ability, hours, pay and perks), , so neither wants to give it up, so the options are either equidistant from eachothers work and we both drive in (meaning Herts or Kent), or we do the Essex thing, and I try to wrangle working from home a few days a week.
When you see two-bed flats at the very outskirts of London marketed at £720,000, http://www.rightmove.co.uk/new-homes-for-sale/property-47600103.html
I've been saying for about 2 years that the property market is going to crash. I was told I was wrong,
I remember being utterly convinced in 2006 and 2007 that the economy was going to crash, despite everyone calling me an idiot, and pull house prices down with it. I was spot on with the economy but house prices did nothing more that brush it off and keep on rising.
This is only the start. The reluctance of EU migrants to come to London over insecurity about whether they will be able to stay and for how long, the insecurities in the job markets and Brexit in general are meaning that people are much less keen to move in to London or buy here.