Owning your own home

they're also the place where the people you love live.

And laugh

Precisely! And there is quite a lot of well prepared hardworking people in London that do not get £50k because they work in sectors were salaries are just appalling. That’s another crisis in the making, when teachers, care workers, nurses… can’t afford anything decent

Yeah I'm not entirely sure where we are all going to end up if we carry on this trajectory.
My only hope is house prices stay static for 10+ years and wages catch up.
And of course its not always been like this, my Uncle was offered a place in the Barbican when it first opened, as he was a civil servant, for £4500.

I think second homes should

Not be allowed?

It's ok if you rent it out as an Air BnB when you're not using it, that way the local community benefit from being able to sell them coffee, shine their shoes etc.

They always enjoyed their trips to the seaside town, .... which tragically has a long history of fires.

Presumably just a coincidence that a neglected and ecomonically depressed town has so many fires

In theory, consumer price inflation now leads to interest rate rises, mortgages become too expensive and forced sellers = price crash. We shall see

And laugh

We only live and love and Leyton. Leyton replaces laughter, except the cold hard shriek of triumph over a defeated opponent.

You can laugh in Aldersbrook on a long walk to Gail's

Capital Economics predict a 5% drop in house prices by the end of 2024 (blaming consumer confidence and mortgage rates).

That's better than the sign by Asda

Could also add that Covid stamp duty holiday has brought forward a lot of demand

Bizarre frothy market at the moment. It seems that offers are wildly over asking prices which in turn are wildly over what banks/mortgage providers are valuing properties at. I assume no one is making up the difference so assume a number of sales are falling through as a result.

Someone in the pub on Wednesday told me their Wife's parents have a house that they use as a base for sailing.

Do they stick a mast and sails on it?

London average is 47k

Wait, what? I thought it’s about 33k.

I fall on the national average #norolexforme

I could be wrong! I can’t imagine I’ll ever buy an expensive watch either.

Rich people do rich people stuff. The South coast and Isle of Wight are littered with yachty towns.

Ah, that takes me back to the early 00s when the average London terrace was under 200k, and Capital Economics were predicting falls. I was convinced we were teetering on the edge of a massive price crash...couldn't go up any further surely?

Since then I've learned just how far the gvt (of any stripe) will go to avoid price falls.

That said I think we will see falls now but as someone said earlier, when prices soften the volume also dries up.

Average London pay £42,001 this year

From the Standard in October 2021 so pretty solid.
https://www.standard.co.uk/news/london/average-earnings-highest-lowest-capital-boroughs-pay-b962511.html

Anyone know what the current turnaround time for property searches in Lewisham are at the mo?

No. i can tell you what they are in islington though.
14 days if you pay extra to have the fast service.
didn’t realise you could do this. maybe you can in Lewisham (assuming you are buying not selling.)

they had a compact 3 bedroom apartment in Madrid

Is it a crime to want a garden to grow some fruit & veg?
Don't need a palace but some space is good

Just making the point that cultural expectations are different. Perhaps anyone that astro turfs their garden should be expropriated, for the benefit of veg growers?

Shared ownership…anyone got experience of it on here? Can’t work out whether it’s a good idea or something that will come back and haunt me within a few years…