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Last £100K Properties In London Disappearing From The Market

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http://www.dailymail.co.uk/news/article-2545768/A-100-000-property-London-They-STILL-exist-Buyers-snap-remaining-flats-going-cheap-dont-money.html

All absolute holes in slums. But the DM is trying to persuade people it's a bargain soon to be gone forever.

Best line from the article.

"It comes as private sector rents in London increased at eight times the pace of those in the North East over 2013.

Every region across Britain saw an annual rise in average rental prices paid by tenants, but London recorded the biggest increase over the last 12 months at 1.6 per cent. The North East saw the smallest increase at 0.2 per cent, according to the report from the Office for National Statistics (ONS).

The combination of increasingly higher rents and stagnate wages has sparked concern in recent years that tenants are becoming 'trapped' in the rental sector because they cannot save enough money for a deposit to make the jump onto the housing ladder.

"

To be clear, wage inflation is 2.4%. So rents in London are actually getting cheaper. http://www.theguardian.com/business/2013/dec/12/wage-rises-outpaced-inflation-official-data

8 times faster is a pretty hilarious claim. Both are real falls and probably within the margin of error anyway.

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Best line from the article.

"It comes as private sector rents in London increased at eight times the pace of those in the North East over 2013.

Every region across Britain saw an annual rise in average rental prices paid by tenants, but London recorded the biggest increase over the last 12 months at 1.6 per cent. The North East saw the smallest increase at 0.2 per cent, according to the report from the Office for National Statistics (ONS).

The combination of increasingly higher rents and stagnate wages has sparked concern in recent years that tenants are becoming 'trapped' in the rental sector because they cannot save enough money for a deposit to make the jump onto the housing ladder.

"

To be clear, wage inflation is 2.4%. So rents in London are actually getting cheaper. http://www.theguardian.com/business/2013/dec/12/wage-rises-outpaced-inflation-official-data

8 times faster is a pretty hilarious claim. Both are real falls and probably within the margin of error anyway.

The BBC had a piece yesterday claiming the average pay growth in London was zero last year - the one which compared a City banker with a council worker from Lancashire!. Even Preston did better.

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despite the city, median earnings in London are only around £33k, compared to a UK median of £22k.

Apply to historic x3.5 earnings for a single earner or x2.5 for a couple, there are literally only a few dozen homes in london (out of a total of 4 million or so) that can be bought on an average wage.

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despite the city, median earnings in London are only around £33k, compared to a UK median of £22k.

Apply to historic x3.5 earnings for a single earner or x2.5 for a couple, there are literally only a few dozen homes in london (out of a total of 4 million or so) that can be bought on an average wage.

You could just about buy this delightful "studio flat" in East London for 3.5 times average London wage. I've posted this a while ago in the "Most Overpriced Sh*thole" Classics thread. So shocking it raises a smile/laugh everytime I view it... ONE HUNDRED AND TEN THOUSAND POUNDS.

http://www.rightmove.co.uk/property-for-sale/property-39830146.html

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You could just about buy this delightful "studio flat" in East London for 3.5 times average London wage. I've posted this a while ago in the "Most Overpriced Sh*thole" Classics thread. So shocking it raises a smile/laugh everytime I view it... ONE HUNDRED AND TEN THOUSAND POUNDS.

http://www.rightmove.co.uk/property-for-sale/property-39830146.html

If you don't ask, you don't get. :lol:

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You could just about buy this delightful "studio flat" in East London for 3.5 times average London wage. I've posted this a while ago in the "Most Overpriced Sh*thole" Classics thread. So shocking it raises a smile/laugh everytime I view it... ONE HUNDRED AND TEN THOUSAND POUNDS.

http://www.rightmove.co.uk/property-for-sale/property-39830146.html

Ive seen that before, on my various random rightmove searches. I have to admit, I quite like it. Its almost detached, opposite trees, and you could probably get planning for a second floor without too much trouble.

OK, its probably a horrible area and Id never actually want to live there, and it looks squalid as it is. But it at least has 'potential' compared to 99% of the things in London under £500k.

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It's so obscene that I can't fathom why people aren't rioting over this shit.

You wouldn't lock an animal in as (relatively) small a place.

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Ive seen that before, on my various random rightmove searches. I have to admit, I quite like it. Its almost detached, opposite trees, and you could probably get planning for a second floor without too much trouble.

OK, its probably a horrible area and Id never actually want to live there, and it looks squalid as it is. But it at least has 'potential' compared to 99% of the things in London under £500k.

Would collapse if you put a second floor on that.....start again, if you can would be better option, it looks like a static caravan..... ;)

Edited by winkie

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Now compare this news to another thread on how the shard is almost empty.

Looks to me like the bubble is in its final phase, prices rely on the availability of work. Pay is flat in London now and work is getting more scarce.

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