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miko

The Gap Just Gets Bigger

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I was watching the 6.30 BBC london news tonight , it really showed up the great gap that has appeared and grown in the wealth of the people who inhabit this city.

The wealth of London is plain to see , the tall office blocks , the posh shops , the overpriced property , everywhere you look and turn money is there in abundance. But I have often wondered how the people that work in the low paid service sector economy an economy that the rich depend on for their goods , services , hotels, restraunts and shops survive.

The first topic tonight was the accute housing shortage and showed the health inspectors raiding sub standard housing in East London . They showed how bad this accomadation was and illegal sheds in gardens where people were packed in sleeping on floors and being charged £400 a month for the privilege. Some guy form the housing trust said

" with high cost's massive demand shortages and HB cuts the problem will only get worse "

The next topic stated that 25 people are applying for every vacancie in the capital and that in East London it was harder to find work than in West London.

We know the Global rich are here and enjoy the fruits that London has to offer , but also it is as if there is a seperate London where poor people on little money live in slums in order to keep the wheels rolling for the rich.

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I was watching the 6.30 BBC london news tonight , it really showed up the great gap that has appeared and grown in the wealth of the people who inhabit this city.

The wealth of London is plain to see , the tall office blocks , the posh shops , the overpriced property , everywhere you look and turn money is there in abundance. But I have often wondered how the people that work in the low paid service sector economy an economy that the rich depend on for their goods , services , hotels, restraunts and shops survive.

The first topic tonight was the accute housing shortage and showed the health inspectors raiding sub standard housing in East London . They showed how bad this accomadation was and illegal sheds in gardens where people were packed in sleeping on floors and being charged £400 a month for the privilege. Some guy form the housing trust said

" with high cost's massive demand shortages and HB cuts the problem will only get worse "

The next topic stated that 25 people are applying for every vacancie in the capital and that in East London it was harder to find work than in West London.

We know the Global rich are here and enjoy the fruits that London has to offer , but also it is as if there is a seperate London where poor people on little money live in slums in order to keep the wheels rolling for the rich.

Polish, Bulgarian, Romanians who know they only have to slog it for a few years. Earn three-six times what they could in their own country, no wonder they work 12 hour days and live in sh*te, they'll be gone by 2014 with a fat wedge and a mortgage free existence. Shame they pushed up your rent yields and pushed down your wages in the meantime.

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I was watching the 6.30 BBC london news tonight , it really showed up the great gap that has appeared and grown in the wealth of the people who inhabit this city.

The wealth of London is plain to see , the tall office blocks , the posh shops , the overpriced property , everywhere you look and turn money is there in abundance. But I have often wondered how the people that work in the low paid service sector economy an economy that the rich depend on for their goods , services , hotels, restraunts and shops survive.

The first topic tonight was the accute housing shortage and showed the health inspectors raiding sub standard housing in East London . They showed how bad this accomadation was and illegal sheds in gardens where people were packed in sleeping on floors and being charged £400 a month for the privilege. Some guy form the housing trust said

" with high cost's massive demand shortages and HB cuts the problem will only get worse "

The next topic stated that 25 people are applying for every vacancie in the capital and that in East London it was harder to find work than in West London.

We know the Global rich are here and enjoy the fruits that London has to offer , but also it is as if there is a seperate London where poor people on little money live in slums in order to keep the wheels rolling for the rich.

Yep and the rich get richer and the poor get poorer, sounds about right.

The only people who can afford to work for minimum wage is either young and still living at home or foreign workers who share 10 to a 2 bed flat short term to come and earn some money.

Those who live hee full time and have families can't afford to go to work for min wage, so they either sit on benefits on earn more.

But apparently if we don't wor for min wage we are just lazy - the foreigners are showing us up. such a sad state of affairs :(

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The only people who can afford to work for minimum wage is either young and still living at home or foreign workers who share 10 to a 2 bed flat short term to come and earn some money.

Can't remember one member of parliament owning up this fact - a very inconvenient truth.

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London is a mystery. I've had a few posts on this, after talking with relatives who live there.

We know about the non-dom nonsense and the Square Mile fraud. But the rest of it has to be ******** as well - benefit fraud and undeclared income. Otherwise it doesn't make sense.

I hope it spins off into orbit and burns up, but Westminster and Whitehall will make sure the rest of us suffer.

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London is a mystery. I've had a few posts on this, after talking with relatives who live there.

We know about the non-dom nonsense and the Square Mile fraud. But the rest of it has to be ******** as well - benefit fraud and undeclared income. Otherwise it doesn't make sense.

I hope it spins off into orbit and burns up, but Westminster and Whitehall will make sure the rest of us suffer.

Yes

Well there are some people who have council flats so they can afford to live there . Then there are those who bought any time prior to 1995 who are laughing all the way to the bank. But for anyone starting out now it is immpossible.

The thing that strikes me more than anything is the way that areas people fought to get out of have now become so sort after.

Knew a girl when I was in my 20's who had been bought up in a council flat in Hoxton. Her Dad worked hard as a painter and decorator and Mum stayed at home to bring up the 3 kids. Sometime in the 70's he saved up £4k a lot of money back then and bought a two bed run down cottage in Woodford Essex. He bought at auction and paid cash as it had a sitting tennant and was unmortgageable . He waited untill she died and then refurbed the place at night and weekends ( made a very good job of it ) So they got their wish and moved out of Hoxton they were desperate to do this as the secondary schools were so sh-t and rough.

A few years later they moved up the ladder into a nice 3 bed semi in a really good street . They had made it and they had worked to get there. Fast Forward 25 years and their x council flat is worth more than the 3 bed semi they toilled so hard for and they could have bought that with the right to buy for peanuts.

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Guest eight

Yep and the rich get richer and the poor get poorer, sounds about right.

The only people who can afford to work for minimum wage is either young and still living at home or foreign workers who share 10 to a 2 bed flat short term to come and earn some money.

Those who live hee full time and have families can't afford to go to work for min wage, so they either sit on benefits on earn more.

But apparently if we don't wor for min wage we are just lazy - the foreigners are showing us up. such a sad state of affairs :(

"The system where the poor get poorly paid

To hold the ladder

While the rich get ricocheted

Into the stratosphere"

Flobots - Fight With Tools

Edited by eight

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Yes

Well there are some people who have council flats so they can afford to live there . Then there are those who bought any time prior to 1995 who are laughing all the way to the bank. But for anyone starting out now it is immpossible.

The thing that strikes me more than anything is the way that areas people fought to get out of have now become so sort after.

Knew a girl when I was in my 20's who had been bought up in a council flat in Hoxton. Her Dad worked hard as a painter and decorator and Mum stayed at home to bring up the 3 kids. Sometime in the 70's he saved up £4k a lot of money back then and bought a two bed run down cottage in Woodford Essex. He bought at auction and paid cash as it had a sitting tennant and was unmortgageable . He waited untill she died and then refurbed the place at night and weekends ( made a very good job of it ) So they got their wish and moved out of Hoxton they were desperate to do this as the secondary schools were so sh-t and rough.

A few years later they moved up the ladder into a nice 3 bed semi in a really good street . They had made it and they had worked to get there. Fast Forward 25 years and their x council flat is worth more than the 3 bed semi they toilled so hard for and they could have bought that with the right to buy for peanuts.

okaycuckoo

Maybe its like my friend said... never sell your property.

His parents have 10+ houses slowly accumulated since the 70's & they are very comfortable

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Maybe its like my friend said... never sell your property.

His parents have 10+ houses slowly accumulated since the 70's & they are very comfortable

I believe this was not uncommon after the second world war, the 1965 Rent Act killed all that off and, together with Right To Buy we got to 70%+ home ownership in the Uk

Looks like we are now on the downleg on home ownership

Eventually the majority will rent, then we'll see some politically driven changes to favour renters....etc.

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Then there are those who bought any time prior to 1995 who are laughing all the way to the bank. But for anyone starting out now it is immpossible.

That to me is the crucial point. It seems to me that the population of London splits into four categories:

1. People who bought before the 1997-present bubble started to inflate, and therefore don't have crippling housing costs.

2. People whose accommodation is provided by the taxpayer (i.e. on housing benefit).

3. People who earn in the top 2 or 3 per cent of the salary bracket.

4. People who are willing to put up with a very low quality of life (e.g. living in an HMO) for whatever reason.

I suspect that most middle-income Londoners who do the jobs that keep the city running are in categories 1 and 4.

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That to me is the crucial point. It seems to me that the population of London splits into four categories:

1. People who bought before the 1997-present bubble started to inflate, and therefore don't have crippling housing costs.

2. People whose accommodation is provided by the taxpayer (i.e. on housing benefit).

3. People who earn in the top 2 or 3 per cent of the salary bracket.

4. People who are willing to put up with a very low quality of life (e.g. living in an HMO) for whatever reason.

I suspect that most middle-income Londoners who do the jobs that keep the city running are in categories 1 and 4.

You missed a fairly big category out:

5. Couples who both work in the upper (but not top) deciles of earnings with big mortgages/high rents

They spend all their income on their lifestyle and mortgage/rent so have very little savings

This category is by definition bigger than 3 and maybe as big as 1, 2 and 4

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That to me is the crucial point. It seems to me that the population of London splits into four categories:

1. People who bought before the 1997-present bubble started to inflate, and therefore don't have crippling housing costs.

2. People whose accommodation is provided by the taxpayer (i.e. on housing benefit).

3. People who earn in the top 2 or 3 per cent of the salary bracket.

4. People who are willing to put up with a very low quality of life (e.g. living in an HMO) for whatever reason.

I suspect that most middle-income Londoners who do the jobs that keep the city running are in categories 1 and 4.

Many middle-income workers in London no longer live in the London boroughs. These days they largely live in Essex, Herts, Kent & Surrey and commute in with the result that Londons population is skewed top-heavy with the uber rich and the underclass that dont work ....

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  • 277 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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