'Ouses, Greenbelt and stuff
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Sorry, long day. The impression from that FT quote is that even people on 6-figure salaries can't buy anything nice because all the kids getting a wedge from their parents are crowding them out. While those kids exist, there aren't many of them. The people the couple are competing with are the next couple of generations who first bought in London 20-30 years ago - i.e. with lots of equity. The number of dwellings in those desirable areas close to the City is pretty well fixed, so very limited supply.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
It’s not crowding them out. It’s just too expensive.
The only normal people living in places like Fulham, Chelsea, etc are people who bought there 20-30 years ago, or renters.
I know they’re expensive places in London but £1.5m for a 100 square metre 3 bed terrace is utterly ludicrous (cheapest 3 bed in Chelsea I could find on Rightmove).
Who is living there?!
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I have more experience of the other side of London N1, N5, N16, NW3, but the prices aren't that different. It is mostly people who have been in the market for 20-30 years.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I'm not sure why anyone would want to live in Chelsea, but it seems people do. Someone earning £400k pa could buy the house you mention.
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lol you think you'd go for a 100 square metre terrace for your £400k?
It trickles all the way down. They compete for homes that were originally designed for poorer people, and that ripples through the whole system and at the bottom there's a growing cohort of people who are utterly priced out, forever - with rents going crazy.
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This is the ongoing disconnect between where you think people with a high income should live and where they do live.
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Some people live in London. Some people live outside London. It doesn't really matter where the £1.5m house is.
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There's a new fad called 'commuting' which is becoming surprisingly popular, even amongst the younger generations. Might be worth some people considering it.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Can you not hear yourself? That is literally me. I wake up at 5:45 and commute 50 miles every day.
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150 years after the underground opened, the Telegraph suddenly discovers commuting 😆
Big developments coming to Kent by the way.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I know you do, but the conversations seems to have strayed onto why young professionals can't afford their dream home in London, which is presumably where they also work.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I’’m actually surprised how short the average commute is in the UK. Less than 30 minutes each way apparently.
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The underground doesnt go that far. Although my point was related to the point above about living close to where you work. We've known for donkeys years it isn't feasible for many but the reported moans seems to be about not being able to buy in London while working there.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Mine is about 12 seconds, which is pulling the average down.
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Not to Kent of course, but the idea of commuting is not new. The idea of living next to the canal in Angel or De Beauvoir so that you can stroll down to the office on Bishopsgate in the morning is lovely, but there are a more or less fixed number of dwellings with new development becoming more and more difficult in those areas in the last few decades. There are other places with more capacity and good travel connections.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I tried this argument with Midlothian Council when they were using some grant money to overspend buying housing for homeless and general council accommodation in some quite expensive areas. They argued that lots of people wanted to live in those areas. I argued that I'd like to live in Stockbridge personally, but I couldn't afford to and life's not fair. The council went ahead and bought housing for approximately half of the people if could have done, but they are all very happy.
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30 seconds if wfh and 90 minutes if commuting to the office. That averages out at about 36 minutes based on 2 days in the office a week.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
There's a balance to be struck - strict stratification by income is thankfully something confined to the past. Many of these desirable areas were bedsits within living memory as well, so things change. There are plenty of areas of social housing in sites 'provided by the Luftwaffe'. The difficulty arises from selling off via right to buy where units can't be replaced. Also authorities desperate for cash opting for poor quality redevelopment with a few token social flats stuck around the back of a shiny block marketed to investors.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
True, it is desirable to avoid ghettoisation.
The case in question that drew my attention to the balance that wasn't being struck was a 1 bed house for homeless families 4 miles from a shop.
One middle aged divorced lady with a decent job and a car lived there happily in the end, and I joyfully and willingly contributed to her rent via my taxes.
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I presume that’s because your pedalling to work.😉
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🤣🤣🤣
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
They look like small boats to me.
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Should have known it would be the fault of the French
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