4 ms·
> The reason I mention that is because I was nearly paying 1.3k/mo for someones basement room in 2011, that same room is now on the market for twice that, I can
by mseebach 8y ago
> The reason I mention that is because I was nearly paying 1.3k/mo for someones basement room in 2011, that same room is now on the market for twice that, I can't imagine how anyone can be comfortable paying that much for such a basic accommodation.
In 2011 I was paying less than £800/mo for a stunning first floor bedroom in a beautiful Georgian house, 20 minutes south of the square mile where I worked at the time. Today, my wife and I pay a bit less than 2.6k for a large, modern all-round tip-top two bedroom in central Camden - it's a lot of money, for sure, but it's a far cry from someone's basement room.
- a008t 8y agoAre there any particular reasons why you are not buying?
- mseebach 8y agoFirst, rental yields are actually very low in London, so it's not actually very expensive to rent vs. owning -- the benefit of owning comes from equity growth, and it seems prices are finally plateauing, so it's not an obvious investment, at least not for anything less than 10 years. Second, the kind of place we'd actually like to live in is ~£1m, and we could probably only afford to buy at a bit more than half that. That might be sensible if we were in it for the long haul, but we're not, it's unlikely we'll stay in London long term, not the place we'd want to start a family.
- a008t 8y agoInteresting, thanks - I am in a very similar situation.