In the metro today : starter homes in zone 3-6 for 380k ( 1 bed flats). Affordable housing available for families earning up to 85k a year.


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I'm going to have to postpone watching the rest of the TV shows I had lined up for my next nights off and watch all the films on Netflix that I have in my Watchlist, thanks to Netflix lacking the resources/desire to re-secure the contract it had with the company that represented some of the big Hollywood studios for digital broadcast. *sigh*

Mark

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This is mental. The equivalent price over here in Belfast would get you something much bigger than a simple two-up, two-down..
Are wages in London comensurate to the house prices?

Mark

Makes my house for 110K GBP for 3 bedrooms, large garden and cellar sound good.

Not to that extent. I think average wage in London is around 35k, UK wide is 22k


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1 bed flat for 380k? Bloody hell. That's a 4 bed detached where I live. An nice one at that.

You'e all talking like it's a surprise that London homes are expensive. They have ALWAYS been expensive. London is one of the most expensive cities in the world. When I bought my 3 bed house 16 years ago on the outskirts of London a friend at work was buying a studio flat in Islington for the same price.

That's why a lot of people buy somewhere out of town and commute in.

This is not news

Well a quick look on right move tells me properties in the Chingford ( insert Hounslow, Croydon, Cockfosters as needed) area have doubled in price since 2000. Hardly central London. So no, it's not always been that expensive.

http://www.rightmove.co.uk/house-prices/Chingford.html

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I think you'll find property prices have gone up by 200% since 2000. But then what do I know? I've only been a property owner since 1991.

And how is that not proving my point?


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They went up 100% in the 10 years prior to that. I said London has always been expensive, you said



So what exactly is your point? I can tell you exactly how property prices have changed in the last 45 years. London has, and always be, the most expensive city in the UK.

Indeed it has, but now it's unaffordably expensive for most. You need to have a few generations earning and living together to afford an actual house now. The best a normal could can afford is a bedsit or maybe a one bedroom shoebox.

Hence my comment

But for example.
Take your salary & multiply them by 3.
Is the result of that the value of your house? (ignore any other money/investments your have).

Now take £700 a month from your wages. Work out how much spare money you have after commuting, food etc.
Now work out how long it'll take you to get to 30% of your houses value if you save that much.

House prices are going up at a much faster rate than wages.
20 Years ago my parents house in the suburbs was around £120k with my dad earning around £40k. Easily fits in to the formula
Today it's worth £330k for the same house & if my dad was working his salary would be around £50-55k for the same job. Doesn't fit at all.

My dad's house was worth £20k in 1980. At the time, he earned just under £20k/yr gross. Paid off the mortgage in ten years through voluntary overtime.
It's now worth £200k. He still earns the same amount.

My own home is £280k.
I earn about a fifth of its value.
My mortgage is about a third of my net income.

According to saspro's calculation, it'd take me just over 40 years if I didn't spend a penny.