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iron_chic

London...what Hpc...?!

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After selling our london flat in ~06, we rented in essex for 3 years, and now living temporarily in Edinburgh...(in parents house..not good i know)

Work wise, I left my job at end of 08 to pursue my own inventions/ideas and have been contracting intermittently to make ends meet. With respect to taxable income, we are a little up on the deal and I have also been able to spend loads more time with my two young children. However, about 2-3 months ago, I decided to go back to PAYE employment within a large company....I have just secured a job offer in London (NW near Ealing)...but not sure what to do next...???? Currently, we have a massive deposit >570k (based upon previous house sale/ wife had v.well paid job/ inheriting 50k). In addition to my salary ~60k, I hoped this would allow me to live somewhere near work in a reasonable 3-4 bed house...However, I am shocked at how high prices in London have got since we left....You know, really stupid prices....!

For e.g.

Just off the north circular (lovely not)..a 3 bed FLAT for ~4/5th of a million quid

http://www.rightmove.co.uk/property-for-sale/property-26566099.html

or

in sw london,

http://www.rightmove.co.uk/property-for-sale/property-27537094.html

My friend lives opposite this bargain house in Herne hill/Brixton.. He bought his bigger/nicer house for ~370k in '05...and I have another friend in next street Spencer rd who bought a really nice house..for 420k 2-3yrs ago)...

Or in my old stomping ground (Kilburn), 800k buys you....

http://www.rightmove.co.uk/property-for-sale/property-16702347.html

just by calling it Queens Park 'BORDERS' doesnt make it posh...its Kilburn!

I give up (again)....Houses in London seem to have doubled since we sold our flat in 06....Its all ridiculous....and its not going to change any time soon...our cash is now eroded beyond a joke....i should have bought $s yen and/or gold 2 years ago.....aaarhhhh!!!! That said, I do realise many on HPC have real problems and much tougher scenarios and in fact we could find some over-priced shithole in an 'up and coming' slum if necessary...I just dont want to...I feel mostly for those just trying to save enough to get on the housing ladder....although I feel many 25-45s are giving up...Time after time, BBC financial 'reporting' infers that QE and ultra low interest rates are 'good for everyone'....If you ask me, all skilled renting workers should leave the country asap......I am looking in New England for an exit ....have US passport and some job possibilities...BTW ...Compared with ANY London suburb, just over 400k in a good suburb of Boston,MA buys you:-

http://realestate.boston.com/homes/listing/374-70864147/Andover-MA-USA/60-p/18514-71098728--3227-71133505--13699-177792--468-71133561--374-70922349--374-70864147--432-71126115--4903-71109608--4884-71069815--468-71074832-ls/214-t/Price_Sales,1-ns

OR

http://realestate.boston.com/homes/listing/432-71110333/Andover-MA-USA/80-p/274-71126188--432-71110333--374-70297484--4949-71108719--374-71097291--468-71101397--3227-71118836--432-71100264--274-71106866--20-OPENHOUSE-1284148808-23-ls/214-t/Price_Sales,1-ns

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Forgive me for asking...but what is it about London that makes you want to live there..many of the people I know are waiting for the moment when they can escape. ;)

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I keep an eye on one area of London.

The prices flats are going "under offer" at are ridiculous

The number of flats going "under offer" ar ridiculous levels is...ridiculous.

I can only think that total collapse of the london market is imminent.

Looks on the land registry I dont see many sales having goine through though....

P.S. It must look attractiuve to buy at the mo with 0% interest rates, historical "only every up" house prices and stupid rents. When the I.R.s go up trhere will be so much pain!!!!

Edited by TheCountOfNowhere

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Forgive me for asking...but what is it about London that makes you want to live there..many of the people I know are waiting for the moment when they can escape. ;)

Must be the Curry Houses, NW london has some of the best in the country ....(ive also lived in South Manchester and Bradford!)

No, Its just where my first job offer is based....not that happy about living there to be honest but I need a job.

London is only great if you earn ~>200k + ....(or if you are single and 20-30 yrs old...it holds an unspecified excitement)

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After selling our london flat in ~06, we rented in essex for 3 years, and now living temporarily in Edinburgh...(in parents house..not good i know)

Work wise, I left my job at end of 08 to pursue my own inventions/ideas and have been contracting intermittently to make ends meet. With respect to taxable income, we are a little up on the deal and I have also been able to spend loads more time with my two young children. However, about 2-3 months ago, I decided to go back to PAYE employment within a large company....I have just secured a job offer in London (NW near Ealing)...but not sure what to do next...???? Currently, we have a massive deposit >570k (based upon previous house sale/ wife had v.well paid job/ inheriting 50k). In addition to my salary ~60k, I hoped this would allow me to live somewhere near work in a reasonable 3-4 bed house...However, I am shocked at how high prices in London have got since we left....You know, really stupid prices....!

For e.g.

Just off the north circular (lovely not)..a 3 bed FLAT for ~4/5th of a million quid

http://www.rightmove.co.uk/property-for-sale/property-26566099.html

or

in sw london,

http://www.rightmove.co.uk/property-for-sale/property-27537094.html

My friend lives opposite this bargain house in Herne hill/Brixton.. He bought his bigger/nicer house for ~370k in '05...and I have another friend in next street Spencer rd who bought a really nice house..for 420k 2-3yrs ago)...

Or in my old stomping ground (Kilburn), 800k buys you....

http://www.rightmove.co.uk/property-for-sale/property-16702347.html

just by calling it Queens Park 'BORDERS' doesnt make it posh...its Kilburn!

I give up (again)....Houses in London seem to have doubled since we sold our flat in 06....Its all ridiculous....and its not going to change any time soon...our cash is now eroded beyond a joke....i should have bought $s yen and/or gold 2 years ago.....aaarhhhh!!!! That said, I do realise many on HPC have real problems and much tougher scenarios and in fact we could find some over-priced shithole in an 'up and coming' slum if necessary...I just dont want to...I feel mostly for those just trying to save enough to get on the housing ladder....although I feel many 25-45s are giving up...Time after time, BBC financial 'reporting' infers that QE and ultra low interest rates are 'good for everyone'....If you ask me, all skilled renting workers should leave the country asap......I am looking in New England for an exit ....have US passport and some job possibilities...BTW ...Compared with ANY London suburb, just over 400k in a good suburb of Boston,MA buys you:-

http://realestate.boston.com/homes/listing/374-70864147/Andover-MA-USA/60-p/18514-71098728--3227-71133505--13699-177792--468-71133561--374-70922349--374-70864147--432-71126115--4903-71109608--4884-71069815--468-71074832-ls/214-t/Price_Sales,1-ns

OR

http://realestate.boston.com/homes/listing/432-71110333/Andover-MA-USA/80-p/274-71126188--432-71110333--374-70297484--4949-71108719--374-71097291--468-71101397--3227-71118836--432-71100264--274-71106866--20-OPENHOUSE-1284148808-23-ls/214-t/Price_Sales,1-ns

You could easily afford something like this in one of Edinburgh's best areas.

http://www.espc.com/buying/289037.html

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Must be the Curry Houses, NW london has some of the best in the country ....(ive also lived in South Manchester and Bradford!)

No, Its just where my first job offer is based....not that happy about living there to be honest but I need a job.

London is only great if you earn ~>200k + ....(or if you are single and 20-30 yrs old...it holds an unspecified excitement)

Fewer will be in the > £200k bracket.....and once the birds have left the nest to do their own thing in the world....what incentive is there to stay? traffic, noise, pollution, concrete, stressed out people rushing around on overdrive..........London is a good place to live if you have work and are young....a good place to rent, imo no longer a good place to buy. ;)

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I like how it says DETACHED HOUSE FOR SALE at the top and then

Orchards Of London are proud to offer for sale this truly remarkable residence which benefits from occupying the whole ground floor of this stunning detached, double fronted family home with a private rear garden and off street parking,

I guess you just have invent a reason or phobia so you stop yourself from wanting to go upstairs.

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Also, its not happening here, but it seems if you are in London, youd be BETTER off having bought residential property rather than gold or yen or dollars.

Heres one from around my way to illustrate the regional disparity

Bungalow on at £166.5k. Last Sold Jan 2003 for £188k, tried to sell in September 2008 for £255k

http://www.rightmove.co.uk/house-value.html?searchLocation=PE19+8BX&sellersPriceGuide.x=16&sellersPriceGuide.y=9&radius=0.0&displayPropertyType=&bedrooms=

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I like how it says DETACHED HOUSE FOR SALE at the top and then

Orchards Of London are proud to offer for sale this truly remarkable residence which benefits from occupying the whole ground floor of this stunning detached, double fronted family home with a private rear garden and off street parking,

I guess you just have invent a reason or phobia so you stop yourself from wanting to go upstairs.

yeah, I thought that was a classic....i haven't done a really extensive search in such parts of NW london...no point. but I m sure none of these houses/flats are worth it.

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considering it's london, the rents never look too disasterous when I look them up on rightmove, the giveaway is that rents and house prices are hugely disconnected imho

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You could easily afford something like this in one of Edinburgh's best areas.

http://www.espc.com/buying/289037.html

Although I have considered Edinburgh, Im more interested in East Lothian (Gullane, North Berwick, Haddington, etc....)

Still massively over-priced though...I quite like Portobello ....nice beech, cafes and pubs...dearth of properties though

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I realise having 2 young children severely complicates any plans to move abroad, but you have $850k and a US passport. You could buy a decent house with cash and still have several hundred thousand left over. You have a whole continent to explore and any kind of lifestyle at your disposal if you decide to leave New England one day (as nice as England can be in some places, there's not very much geographical/climate diversity is there?) What are you thinking? Go!

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Although I have considered Edinburgh, Im more interested in East Lothian (Gullane, North Berwick, Haddington, etc....)

Still massively over-priced though...I quite like Portobello ....nice beech, cafes and pubs...dearth of properties though

Yes they are still massively overpriced. However compared to London and with the savings you have ?

You could have either of these in North Berwick - with cash left over.

http://www.espc.com/buying/291682.html

http://www.espc.com/buying/288751.html

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Go! Just Go! Save yourself!

(Edit: I think I fixed your links above.)

Edited by Tired of Waiting

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I thought those houses in the USA looked expensive at $1.54 to the £.

Haven't they had a big crash? $660k for a 3 bed on a busy road.

maybe, im sure ill find better, with a bit of effort...I think its a goodish commuter area though (schools etc...)...just off route 93.. train links into boston etc...

im sure there are better areas...Ive only lived in North Reading and woburn before....but still think the value is better than most of the UK...even though most americans view such MA prices as crazy-lalaland

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maybe, im sure ill find better, with a bit of effort...I think its a goodish commuter area though (schools etc...)...just off route 93.. train links into boston etc...

im sure there are better areas...Ive only lived in North Reading and woburn before....but still think the value is better than most of the UK...even though most americans view such MA prices as crazy-lalaland

It's probably just me who is too tight to ever be able to buy a house again. Even ccc is recommending semis at £610k. There is no hope for me, our cash is just going to get inflated away.

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....Houses in London seem to have doubled since we sold our flat in 06...

They haven't. Selling prices are higher on average but have nowhere near doubled - see Land registry data. they are still incredibly high though and it is all a bit upsetting for anyone born from the early/mid 70s onwards who isn't a city banker, i agree.

Edited by the flying pig

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Commercial rents and prices have been crashing in London. Quite a few restaurants type business available for close to nothing (I suppose they are begging other's to take

the rent paying liability of the lease off them). So Businesses (ok, other than the banks) can't afford to pay rent and so no hope for pay rises either.

I suppose it is just foreigners and bankers who are buying?

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...I suppose it is just foreigners and bankers who are buying?

Not very many people of any type are buying really. Other than in a few centralish areas the 'foreigner' thing is hugely exaggerated. In my street in SW London the vast majority of housebuyers seem to be English. In my street recent buyers usually seem to be one or more of: (1) high earners; (2) drawing very heavily on the bank of mater and pater [these types are too posh to go the bank of mum and dad]; and (3) taking out mortgages for insanely high multiples of their earnings.

Edited by the flying pig

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It's probably just me who is too tight to ever be able to buy a house again. Even ccc is recommending semis at £610k. There is no hope for me, our cash is just going to get inflated away.

Not recommending just pointing out if you have wads of money in the bank you could pick and choose a bit better than somewhere in London.

Personally I think the Scottish market has just slipped off the edge. :D

Edited by ccc

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Not recommending just pointing out if you have wads of money in the bank you could pick and choose a bit better than somewhere in London.

Personally I think the Scottish market has just slipped off the edge. :D

...where is old London money going?......follow it. ;)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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