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Exodus from London as rents crash by biggest amount on record


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Think this will turn out to be a short term thing like the original idea of telecommuting and living in Scotland or France 15-20 odd years ago.

Problem is that you need to show your face in an office - in months to come there will be new faces, new managers that have never met you and if you colleague goes into the office regularly and gets ahead then you will be forced to do the same.

Bet this trend doesnt last more than 6 months

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@wheresitgoing was there such a trend? Sounds really interesting.  Probably have vested interest as my husband is a born & bred Londoner, we both work in London and we own a London flat. But a London exodus would probably benefit us due to HPC. 

What I don't want is all the companies switching to remote working, then realizing they don't need to pay UK salaries and then the jobs get outsourced overseas. 

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3 hours ago, wheresitgoing said:

Think this will turn out to be a short term thing like the original idea of telecommuting and living in Scotland or France 15-20 odd years ago.

Problem is that you need to show your face in an office - in months to come there will be new faces, new managers that have never met you and if you colleague goes into the office regularly and gets ahead then you will be forced to do the same.

Bet this trend doesnt last more than 6 months

The think is, if you are going into the office twice a week, you might be able to get away with living in somewhere like Northamptonshire and just having 2 long days of commuting.

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3 minutes ago, reddog said:

The think is, if you are going into the office twice a week, you might be able to get away with living in somewhere like Northamptonshire and just having 2 long days of commuting.

Absolutely this. Anecdotally, of course, but I have had a couple of conversations recently with people who live and work in London, and there is a very strong feeling towards moving out somewhat - I haven't really heard much of this sentiment before from these people. The logic is that work is going to be a couple of days (max) per week in the office, which I think is a reasonable enough balance, which brings exactly your point to bear. People can handle the thought of 2x long distance commutes a week much more readily than 5. Not only will the quality of life for many who leave improve materially, if we do get a shift of this magnitude then it is going to solve all sorts of other issues at a stroke. Imagine 50% reduction in train use, car commuting use etc. We'll see - I do also have some sympathy with the poster above who thinks things will return to normal eventually, but I also suspect we might be in the middle of a bit of a watershed moment re: commuting. And I don't really buy any parallels to anything that might have happened 20 years ago - the technology available today is a complete game changer.

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34 minutes ago, reddog said:

The think is, if you are going into the office twice a week, you might be able to get away with living in somewhere like Northamptonshire and just having 2 long days of commuting.

This ^ or even paces like Hampshire, Wiltshire, Norfolk or Suffolk...your firm wants you for a couple of days/nights, they provide the accomodation......will be plenty of space going cheap.?

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2 hours ago, desiringonlychild said:

@wheresitgoing was there such a trend? Sounds really interesting.  Probably have vested interest as my husband is a born & bred Londoner, we both work in London and we own a London flat. But a London exodus would probably benefit us due to HPC. 

What I don't want is all the companies switching to remote working, then realizing they don't need to pay UK salaries and then the jobs get outsourced overseas. 

Well that is the logical conclusion.

I have an Indian member of the IT team who was back visiting his parents in India and stranded by the lockdown. He has been happily working remotely alongside the rest of the team since the lockdown, has given up his London flat and is in no rush to get back.   At some point we will have to regularise the situation but for the rest of this year at least he will be working from India.  

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17 minutes ago, Confusion of VIs said:

Well that is the logical conclusion.

I have an Indian member of the IT team who was back visiting his parents in India and stranded by the lockdown. He has been happily working remotely alongside the rest of the team since the lockdown, has given up his London flat and is in no rush to get back.   At some point we will have to regularise the situation but for the rest of this year at least he will be working from India.  

 am sure no one wants that. Whats the point of living in a £200k 10 bedroom house but with no income? 

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5 hours ago, wheresitgoing said:

Think this will turn out to be a short term thing like the original idea of telecommuting and living in Scotland or France 15-20 odd years ago.

Problem is that you need to show your face in an office - in months to come there will be new faces, new managers that have never met you and if you colleague goes into the office regularly and gets ahead then you will be forced to do the same.

Bet this trend doesnt last more than 6 months

Nope, I've just hired 2 people and all working fine. Just needs modern skills, not outdated ones.

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1 hour ago, Confusion of VIs said:

Well that is the logical conclusion.

I have an Indian member of the IT team who was back visiting his parents in India and stranded by the lockdown. He has been happily working remotely alongside the rest of the team since the lockdown, has given up his London flat and is in no rush to get back.   At some point we will have to regularise the situation but for the rest of this year at least he will be working from India.  

Do you know how much he gets paid, and have they changed his wages

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3 hours ago, reddog said:

The think is, if you are going into the office twice a week, you might be able to get away with living in somewhere like Northamptonshire and just having 2 long days of commuting.

People underestimate just how small this little island is. I would suggest you can do two days a week from a lot further afield than Northants, particularly if you're willing to stay over in a Travelodge (or with family and friends) one night and do two days in a row so you can avoid travelling at peak times. 

Northants is daily commuter territory. I fairly frequently get an early train down from Crewe to Euston, amazing some of the commutes you see people do to take advantage of the Higher wages and cheaper housing (plus, dare I say it, higher quality of life for a lot of people) ratio. Just seems like others are finally cottoning on to it now. 

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1 hour ago, shlomo said:

Do you know how much he gets paid, and have they changed his wages

Yes, he is one of my staff and no we haven't changed his or anyone else's wages. 

He is not the only one doing well out of the situation, at least three other members of my staff have moved - giving up their London pads and moving back to either their main home (2 contractors living in digs during the week) or moving back to parents place (in the Isle of Bute).        

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1 hour ago, Confusion of VIs said:

Yes, he is one of my staff and no we haven't changed his or anyone else's wages. 

He is not the only one doing well out of the situation, at least three other members of my staff have moved - giving up their London pads and moving back to either their main home (2 contractors living in digs during the week) or moving back to parents place (in the Isle of Bute).        

What is your experience of "work from home" from a business perspective? 

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If this becomes a significant change to working habits, would it be correct to assume London salaries will drop though? When you're inflicting London bubble prices and/or a monster commute with associated rail costs on your employees the salaries have to be competitive and at least factor that in to some extent. But as recession hits, unemployment mounts, and wfh culture grows does this mean the scope of recruitment extends beyond London and commutable areas and the London salary premium will drop accordingly? 

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7 minutes ago, shlomo said:

What is your experience of "work from home" from a business perspective? 

The first month was about getting everyone fully up to speed with the homeworking IT, developing new ways of working and settling into a stable routine. 

It's working well now in fact much better than I thought it would, although the juries still out on whether 100% home working is sustainable for the long term, inducting new staff is an obvious challenge, ambitious staff feel they have less chance to actively progress their careers while other staff worry about becoming isolated.  

At the moment we are probably more productive than before as a fair amount of non productive work has been eliminated - travelling time, attending conferences, off site training courses and general hospitality have all gone.  

For us the near future is a blend of home/office working with staff working 3 or 4 days a week from home with a minimum of 1 day a week in the office.  PAs have been given a new role in arranging the working day for staff/teams coming into the office to make sure that their time is used effectively. 

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5 minutes ago, Confusion of VIs said:

The first month was about getting everyone fully up to speed with the homeworking IT, developing new ways of working and settling into a stable routine. 

It's working well now in fact much better than I thought it would, although the juries still out on whether 100% home working is sustainable for the long term, inducting new staff is an obvious challenge, ambitious staff feel they have less chance to actively progress their careers while other staff worry about becoming isolated.  

At the moment we are probably more productive than before as a fair amount of non productive work has been eliminated - travelling time, attending conferences, off site training courses and general hospitality have all gone.  

For us the near future is a blend of home/office working with staff working 3 or 4 days a week from home with a minimum of 1 day a week in the office.  PAs have been given a new role in arranging the working day for staff/teams coming into the office to make sure that their time is used effectively. 

Yep, I think 1 or 2 days maximum in the office is all anyone will need now (a couple of days a month is more than enough imo). 

Fook communtiing for hours everyday, wearing one of those sh1te white masks. 

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28 minutes ago, Tit-In-a-Trance said:

If this becomes a significant change to working habits, would it be correct to assume London salaries will drop though? When you're inflicting London bubble prices and/or a monster commute with associated rail costs on your employees the salaries have to be competitive and at least factor that in to some extent. But as recession hits, unemployment mounts, and wfh culture grows does this mean the scope of recruitment extends beyond London and commutable areas and the London salary premium will drop accordingly? 

I don't know. We have been looking at that but opinions vary and it's hard to predict the long term outcome.  

Certainly there will be more working from home but maybe it will be the lower added value jobs that end up being done from home, letting London be even more of a centre for the rich and those employed in jobs that support their lifestyle. 

A lot will depend on whether the virus is still an issue by this time next year.

 

   

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10 minutes ago, Confusion of VIs said:

 

I don't know. We have been looking at that but opinions vary and it's hard to predict the long term outcome.  

Certainly there will be more working from home but maybe it will be the lower added value jobs that end up being done from home, letting London be even more of a centre for the rich and those employed in jobs that support their lifestyle. 

 

 

 

 

Would your business gain by the exchange of ideas at the coffee machine, have people in close contact is a mechanism of exchange of ideas, we grow by learning and teaching.

Standing on the shoulders of giants 

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  • 415 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% +
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      • Even
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      • up 5%



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