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RickyM

Is Everyone Flying ?

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Awaiting your Observations on this topic I was discussing with a Property "Expert" B) this morning 

Me and my mate sat down this morning sipping tea and did some further research only to concluded again that its not just White Flight, but everyone is Flying out of Greater-London!!

Comparable properties in commutable satellite towns of London still cost between 1/2 and 1/4th  the price of their equivalent London suburban counterparts. 

And in most cases properties outside London provide BETTER quality of life and are in quality condition. 

People are selling highly inflated Junk Properties in suburban London for £500K - £1Million and buying quality stock outside in cities like Reading, Milton Keynes, Northampton, suburbs of Kent, Colchester, Chelmsford, Coventry, Aylesbury, Luton, Crawley,  Oxford etc. 

So basically anywhere form where they can get a National Rail into London within 60-90 minutes. 

There are also Londoners who have realized that relocating to cities in Yorkshire, or Midlands, or to cities like Liverpool and Bristol is an excellent option in current circumstances because for most Professions the Employers pay only about 15% less than London, so an improvement is Living standards as disposable income goes up.

Is this trend responsible for the below and will the continuation of this lead to even higher prices outside Greater-London  ? Mind you the Gap is HUGE still between London and most other cities in UK. Is this the End of London Boom ?

https://www.theguardian.com/business/2017/sep/29/london-house-prices-fall-for-first-time-in-eight-years-as-rest-of-uk-rises

There is also a wider consensus that London will Loose its status as "Gateway to Europe" for Global Corporations as they are forced to move their Corporate HQs from London to EU Capitals, Leading to many Job Losses in London.

There is also a frustration that London isn't fit for human habitation anymore, Imagine being part of this 5 times a week, morning and evening:

Image result for crowd london tube

Image result for crowd london tube

 

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1 hour ago, Si1 said:

Aren't companies also minded to move to the regions for lower office costs? 

Excellent Point ! They are indeed. 

The large corporate firm I work for have expanded offices in Manchester and Midlands (in addition to Mumbai)  Per Seat cost north of Midlands is now only 30% more expensive than Mumbai (to my surprise) 

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Meh

Lots of gullible, desperate youngsters plus a smattering of middle aged blokes in ruts.  All commuting when they think they are 'supposed to.

I work in the city & come in 'late' (ie after 8.30) or before 7.30 on the skanky but fast Central Line. Later is better to avoid the packs of Eastern Europeans heading to all the sh1t jobs up west.

Usually head home at 4.45 before all the 5pm clock watchers surge out. Or I stay in for craft beer, a gallery or an interesting (free) lecture.

Rarely have to play sardines. Never do the pathetic run-walk favoured by city juniors in cheap suits.

To a great extent London is as bad as you let it be. There's no denying though that there are about 2 million too many people in the Greater London conurbation. Hopefully a lot of them will realise they are not needed in the next few years & go elsewhere..

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3 minutes ago, RickyM said:

Excellent Point ! They are indeed. 

The large corporate firm I work for have expanded offices in Manchester and Midlands (in addition to Mumbai)  Per Seat cost north of Midlands is now only 30% more expensive than Mumbai (to my surprise) 

This is the thing. I realise London has geographical inertia and a unique concentration of talented people. But despite that it must surely be able to price itself out of a lot of business due to sheer land costs. And don't forget these are to do with govt interference as much as it's own business-friendliness. Golden eggs.

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1 hour ago, Si1 said:

And don't forget these are to do with govt interference as much as it's own business-friendliness

There isn't much "Freedom" in the so called Free Market Economies, The Governments are merely Dancers, The Music is being played by Investors, Corporations, and the Financial Elite. 

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I know of 2 people whose companies have recently relocated (within London) because they can no longer afford the commercial rents and these are not small companies. One of them is also about to lose a lot of people to an office in Europe because of Brexit.

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1 hour ago, fru-gal said:

I know of 2 people whose companies have recently relocated (within London) because they can no longer afford the commercial rents and these are not small companies. One of them is also about to lose a lot of people to an office in Europe because of Brexit.

Brexit was anger vented by many Over 50s and Unemployed and Low Income Earners (mainly) against Unfair distribution of wealth created from Globalization. 

In England where London gained massively from Globalization, other parts of the country were left deprived, and this was reflected in Brexit voting pattern.

Hopefully a correction is underway, London is unfortunately a victim of its own super-global-success as a major financial centre. 

The rest of the England Hates London, and Londoners Hate Living in it !!

 

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7 minutes ago, RickyM said:

 

Hopefully a correction is underway, London is unfortunately a victim of its own super-global-success as a major financial centre. 

The rest of the England Hates London, and Londoners Hate Living in it !!

 

And yet, so far, the population of the GLA area is still increasing, roughly 100,,000 increase per year........no sign of any decline in numbers

 

 

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I was just reconsidering my options, I am a white non brit, and in my field of work Leeds is recruiting mad. And I could easily afford a 4bed detached without a joint income over there compared to the crappy 1bed ex council in here

Many of my friends have left London or are about to. So less and less things are keeping me.

I'll still give myself another year because my current company is amazing but the chances of me sticking around keep on getting slimmer and slimmer. Who knows maybe prices will drop by 60% and make me reconsider.

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2 minutes ago, Freki said:

I was just reconsidering my options, I am a white non brit, and in my field of work Leeds is recruiting mad. And I could easily afford a 4bed detached without a joint income over there compared to the crappy 1bed ex council in here

Many of my friends have left London or are about to. So less and less things are keeping me.

I'll still give myself another year because my current company is amazing but the chances of me sticking around keep on getting slimmer and slimmer. Who knows maybe prices will drop by 60% and make me reconsider.

If you go to Leeds your taxes (like now) will go on supporting people on benefits to live in London, whilst you live in Leeds, that doesn't sound very fair.  Also the weather is nicer in London. 

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1 hour ago, skomer said:

And yet, so far, the population of the GLA area is still increasing, roughly 100,,000 increase per year........no sign of any decline in numbers

True, but is this the kind of Increase we need in what is Europe's #1 and Globally #2 Financial Centre? Locals are Fleeing and being replaced by East Europeans and Refugees ? 

Image result for gypsies in london

Image result for Tower Hamlets

Image result for Crowded London

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I don't see much difference (weather aside) of me subsiding people living in London already. My shared accomodation rent is more expensive than socially rented 3 beds I believe...

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4 minutes ago, iamnumerate said:

.  Also the weather is nicer in London. 

Really? It'll be a couple of degrees cooler up here but it doesn't rain too much like say Manchester. I only use an umbrella a few days a year to get to work here in Leeds.

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1 hour ago, Freki said:

I was just reconsidering my options, I am a white non brit, and in my field of work Leeds is recruiting mad. And I could easily afford a 4bed detached without a joint income over there compared to the crappy 1bed ex council in here

Many of my friends have left London or are about to. So less and less things are keeping me.

I'll still give myself another year because my current company is amazing but the chances of me sticking around keep on getting slimmer and slimmer. Who knows maybe prices will drop by 60% and make me reconsider.

Not sure about 60% , but within a year about 20% looks realistic and certain.

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7 minutes ago, RickyM said:

True, but is this the kind of Increase we need in what is Europe's #1 and Globally #2 Financial Centre? Locals are Fleeing and being replaced by East Europeans and Refugees ? 

Image result for gypsies in london

Image result for Tower Hamlets

Image result for Crowded London

And how are they going to maintain London's position as a global centre?

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1 hour ago, Si1 said:

Really? It'll be a couple of degrees cooler up here but it doesn't rain too much like say Manchester. I only use an umbrella a few days a year to get to work here in Leeds.

 

1 hour ago, Freki said:

I don't see much difference (weather aside) of me subsiding people living in London already. My shared accomodation rent is more expensive than socially rented 3 beds I believe...

 

Agree the weather is better, but just only slightly, or by a very SMALL Margin. 

Its not like London is a Tropical Paradise !  

If you want better weather combined with British Influence, Apply for Permanent Residence in Australia or New Zealand via Skilled Migrant Route.

The house prices are similar but you get 3 Times the house for same price with Tropical Weather.

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9 minutes ago, Si1 said:

Really? It'll be a couple of degrees cooler up here but it doesn't rain too much like say Manchester. I only use an umbrella a few days a year to get to work here in Leeds.

A couple of degrees can be a big difference in winter between freezing and not doing so.

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13 minutes ago, Freki said:

I don't see much difference (weather aside) of me subsiding people living in London already. My shared accomodation rent is more expensive than socially rented 3 beds I believe...

True but I always feels that it hurts more if you have to move out.

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1 hour ago, Si1 said:

And how are they going to maintain London's position as a global centre?

Get out of EU and have Australian / Canadian /NZ style points based skilled migration system. Break the Housing Bubble so that the talented from all over UK are not afraid to move to London. Distribute the wealth gained from Globalization within the entire nation, and not make rest of the nation pay while London gains. Fix the Transport System, make the city liveable. 

 

 

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I have felt for over thirty years that London only makes sense if you are wealthy; why anyone who wasn't would want to live there is beyond my understanding.  London is hideously overcrowded and the air quality is still poor, although better than it was thirty or forty years ago.  Provincial towns make far more sense if you can find reasonable employment.

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4 minutes ago, Patient London FTB said:

This flight thing, any chance it's linked to the increasing awareness of how bad pollution in London is for kids? 

A friend is leaving in a month, his asthma has gotten worse in the year he spent here. Finished to motivate him to jump ship.

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7 minutes ago, iamnumerate said:

A couple of degrees can be a big difference in winter between freezing and not doing so.

Please yourself. A crisp clear snowy day is lovely in the South East, but much damper and miserable up here. True. And when it really snows here it's mental, makes London grinding to a standstill after an inch of snow hilarious.

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  • 295 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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