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House Price Crash Forum


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Everything posted by desiringonlychild

  1. People have been leaving london long before housing became unaffordable. For many in the East End, it was the dream to move out to Essex and the countryside. my husband's aunt moved to Luton and later bedfordshire even when houses in north london were relatively affordable! Another aunt moved to wales. Today, my husband's sisters are moving to israel, a little city called bat yam where you can rent a 2 bed apartment next to the beach for the equivalent of £1000 per month. More affordable than Brighton!
  2. It isn't sustainable but think of 4 people's salaries going into an apartment rather than 2. Not from China but of chinese heritage and my dad purchased his first house with his dad and mum (they sold their house). He married my mum and she helped pay the mortgage (worked full time even after 2 children).
  3. They already do that. The only poor in London left are those who got council flats years ago or those who share rooms/flats/sleep in living rooms. My husband has a secondary school friend who is attending university and living in his grandma's 1 bedroom assisted living flat. Of course ethnic minorities have less of a problem with that.
  4. Except the majority of the working class population were living in poverty. Even though there are parts in the north which are poorer than bulgaria, life has still improved for the working class.
  5. Asylum seekers don't need to pay fees but once they get discretionary leave, they need to pay 2K. Non Eu immigrants have always paid for nhs and also expensive visa fees. Immigrants are a net contributer. the real problem in the uk, is that you need to earn 30k as a single person to be a net contributer to the system. In terms of regions, only London and the SE are net contributers to the system due to the businesses located in London and disproportionate number of young single professionals who do not have complicated healthcare needs and work full time. So a family where the dad is earning 40k, and mum is earning 18k working part time and there are 2 kids is taking out more than they contribute in taxes and national insurance. But this would be a fairly typical family all over the Uk. Hence the need for levelling up. London and SE combined have 18 million people. the taxes of 18 million people cannot support 67 million people. Esp rural services cost a lot more to run than urban services. https://commonslibrary.parliament.uk/research-briefings/cbp-8027/ In 2018/19, London, South East and East of England all had net fiscal surpluses. In these regions the revenues raised were greater than the public spending received. All other countries and regions had a net fiscal deficit with each receiving more public spending than was raised in revenues.
  6. the 10k woudl be paid over the course of 5 years and then finally for citizenship. He would have paid 2k at first to even get into the country.
  7. My mother never did housework despite having 2 daughters. She has cooked maybe twice in her life and is nearly 60. This is in singapore, something like 25% of families have domestic helpers who live with the family. We ate out everyday, my grandma looked after us. We later got a domestic helper from the Philippines who looked after my grandmother as she became infirm (slept in the same room as my grandmother) and she also cooked for my parents and did some gardening. This bought some time for my grandmother and meant she lived for a few years at home before succumbing to dementia and had to go to a home. I also have a grandfather who died at home and the family hired a domestic helper who looked after him in a similar way. It is not like having a carer who comes twice a day, this is full time care which would be prohibitive here. In Singapore, it costs the equivalent of £500 including food. All my cousins back home have domestic helpers who do childcare/cooking/housework/look after the old. It must be so much cheaper in india as in singapore, there are lots of taxes and government levies. Btw they have a similar set up in Hong Kong as well. Western lifestyle is great when you are young and childless but as you grow older, you have small children and elderly parents, and it is a lot easier to live in Asia in terms of logistics. I am not saying that this model of cheap labour is right; its just that most people take the comfortable decision and you can't deny that this can be a more comfortable way to live if you are middle class and only considering logistics (and not other factors like freedom of speech, work life balance, safety net etc). I don't think its that easy to get domestic help over from the UK. Certainly you would have to pay for all the visas and it would certainly not be affordable on even a decent salary in the UK esp if you have a wife and kids to support. No, in the uk, the lifestyle is do your own housework or hire a cleaner/gardener/nanny for £££ .
  8. UK visas cost approximately £10k per person. The Chinese and Indian middle class would be larger than the UK middle class, prospects are good for well educated people in cities. My colleague who migrated from India told me that in India, his wife never needed to cook, laundry was done by servants etc. They had a standard of living that even the upper middle class don't have. In the UK, he has to commute from Chelmsford (paying 5k in commuter fares) and his wife looks after their child so they are a single income family. Living on a single income with 40% tax rate is very different in the UK compared to India. He brings his own packed lunches to work which would have been unimaginable in india. In addition, Indians are expected to care for their aging parents. There would be some movement, but we shouldn't assume that lots of people would be coming. UK is not the country it once was...
  9. I don't think we need compulsory vaccination as 9 out of 10 people above the age of 12 have had at least 1 dose. People are much more vaccine sceptic in Austria and Germany! Anti Vax sentiments was very popular in nazi germany too.
  10. I live in a Jewish area in London and most orthodox Jews are jabbed..it's the lockdowns they disagree with because their religion is a very communal one.
  11. my husband works for an investment bank and they can come in if they want to.
  12. Funnily, my husband was in canary wharf today. He just got home, but is working from home tomorrow.
  13. Only makes sense if you expect rent to increase faster than your income. And if you expect interest rates to stay low forever. In buoyant property markets, this happens. my SIL moved from her reasonably priced flat in Tel Aviv to a relative's flat in Ramat Gan for a few months. Realized she hated ramat gan, wanted to move back to Tel Aviv. Was priced out of all areas except the area around the central bus station (seediest area). The rent in Tel Aviv increased so much despite lack of tourism during the pandemic, due to anglo jews coming down to work remotely.
  14. My mortgage is £1020. I overpay an extra £1000 every month. My mortgage term is the maximum. I took out the mortgage 2 years ago when I was 27 years old. Based on current trajectory, it would be 100% paid off when I am 44. I do expect I would sadly have to take out more debt in the coming years which is why I am hoping for a HPC... But hopefully my wages would go up and I would have to overpay more.
  15. When I was saving up for my flat by living with my husband's family, my hubby and I often booked premier inns on weekends. Not in London but in towns near london. We would then travel to work on Monday from that premier inn. We often did the math and it was cheaper than rent. This is how we got our own space while still living with family... and it was very cheap. Many young people move out of their parents' homes to pay extortionate rent because they want some personal space and to be able to date. This could be a good 'in between' solution- have a base at home but live in travelodge/premier inn for most of the week. For older singles, buy a (cheap) house outside london and live in premier inn/travelodge during the week- probably is cheaper than buying a house in London or buying a house in the Home Counties and commuting. Of course in the long term, the ideal is a permanent home but this is a good interim solution for younger people.
  16. Though you quoted 600k, you are more likely to get a flat than a house for 600k near Ealing Broadway and certainly not a semi-detached.
  17. the area around ealing broadway is decent. it has lots of shops (both chain and independent) and I sometimes do go there for a browse. It has a nice park too. I don't see whats wrong with living around there, I don't know about the other parts of Ealing.
  18. British people prioritize things like gardens and countryside. My mother in law who is foreign and orthodox Jewish prioritizes being near synagogues, kosher bakeries and butchers, kosher eateries, local community, jewish schools and being within the eruv. She earns below national minimum wage but lives in London in a 700k house that she bought in 1997 when the next door neighbour was a drugdealer (it has since gentrified and 4 successive houses are owned by Jewish families/professionals). I guess my husband counts as a native Londoner but he says he is 'white other' in the census as his mum is European and he doesn't really identify as being British. He too values being in north london and in a diverse setting over gardens and countryside so we bought a flat in North London. Currently looking at buying a bigger flat. We lived with his mum for 3 years to save up for a deposit so it would have cost us more money to move up north given that we would not have had free accommodation there. Also if your jobs are tied to London (my husband and i both work in finance), the costs of owning a car and 2 season tickets commuting from the Home Counties is literally equivalent to taking out an extra £190k mortgage on a 2.05% interest rate. So if you are budget conscious, it can make a lot of sense to live in inner London rather than the home counties where you can take public transport (and children/elderly ride for free), you have a shorter commute, your local parents (who bought their houses when the area was poor) can look after the kids for free. Immigrants tend to have more close knit families and they help each other out. The people I know who move to the Home Counties admit after much pressing that it does cost them more to live in the countryside but they are willing to pay it.
  19. You must have been to a different area from where I live? Hounslow? I live in East Finchley and it really doesn't look like that. We have woodland- Cherry Tree Woods, the oldest cinema in the UK, a few independent shops, walking distance to Muswell Hill, Hampstead Heath and Highgate Woods. People are from diverse backgrounds, you get the odd celeb (someone saw Salma Hayek arguing with her husband) but most of us are just normal people. It has a larger Jewish population as it is within the Eruv but really it has people from all cultures and backgrounds. There are very expensive houses so also has its share of rich people like many north london postcodes!
  20. Finance tried to relocate a lot of operations to Edinburgh but found costs were similar. Also the people willing to commute to London esp with flexi working is a lot larger than the people willing to commute to Manchester/Birmingham.I work in the city and my husband works in canary wharf. It is almost as crowded as pre pandemic. My least willing colleague has consented to being in the office once a week. There is no guarantee of home working in our return to work policy. Our MD doesn't even live in London, he lives in Oxfordshire and he comes in at least 3 times a week. My husband is at his desk 5 days a week, with the odd day at home due to sickness/vaccine jab after effects/tube strike. I would say the move to the regions is premature. Every job I have interviewed at wants hybrid working with at least 2-3 days at the office. I mean, a 2 hour train ride 2-3 times a week does not sound that appealing to me. Also the cost! And what if it increases.
  21. One year as an international student in Camden- excluding two years in halls. One year post marriage in Berlin- studio apartment in Wedding.
  22. either 1 in 2 or 1 in 4 graduate jobs are in London. Read that stat somewhere, can't remember where. Yes some will end up with good graduate jobs in Manchester, I am not saying there are none. There are good jobs all over the country. But its about the numbers.
  23. In my experience, the cladding issue is with new build flats and London actually has way more older flats than Birmingham and Manchester. Like the flat I bought is a 1920s flat as there was a housing crisis in the 1920s in London too.
  24. My area is 72% white but we are mostly green. It is a traditional Jewish/immigrant area. But I guess these immigrants directly voted for thatcher (that was probably when the area started gentrifying).
  25. My grandparents lived in my parents' house until my grandfather died and my grandma is now in a home (in her late 80s). When my dad graduated in 1987, my grandparents realized that the roof of their house was badly damaged and it would cost a fortune to fix. They persuaded my dad that it would be better if they jointly bought a home together. So my dad and his parents jointly bought a 4 bedroom house together (in the day of 100% mortgages); and my dad went off to america to work as an engineer for 1.5 years (he and my mum had a long distance relationship). Meanwhile, his parents and sister lived in the house while he was paying the mortgage. When he moved back and they married, my mum moved in and helped pay off the mortgage. My dad's sister was still staying with us when I was born a year later but she moved out just before we moved onto the next house. So basically my grandparents stayed with my parents for over 25 years. This is quite common in asian families all over the world. If my dad had an unemployed sibling, you can bet he would still be living with my dad.
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