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In London the idea of a 'seperate property market' is totally bunk; it seems like every day a new story comes in with social housing being demolished to fill wi

In London the idea of a 'seperate property market' is totally bunk; it seems like every day a new story comes in with social housing being demolished to fill with fancy apartments. The residents then have to be rehoused somewhere. There are also tens of thousands (possibly 100K+) empty residences in London. The other problem is that those who already own are both insulated from the effects (mortgage payments from 10 years ago) and stand to benefit if they ever decide to move out of the capital. It's a huge issue. Re 1 hour commutes; London is far enough gone now that 'the working class' need to cohabit to manage at all. I have no idea how service workers get by - either they live with friends and family, or they house share. 7-800pm (~9000pa) is pretty much the bare minimum outside of remote areas with no transport links; UK minimum wage is roughly 13K. State benefits jump in to cover the shortfall. Huge numbers of young people are staying in the family home for much longer. At least they can stay - but it also affects talent moving to the area. A lot of very skilled people are going to be put off by the prospect of permanently 'existing' rather than 'living' in and around the capital.

stegosaurus 12y ago
Oh; and to comment on the 'efficient use of land' argument that often comes up; I tend to think that those who were brought up in a certain area, or have some sort of personal attachment (family, significant other) do deserve some thought. What we're seeing now is just people downgrading and downgrading, professionals living in tiny apartments, the prospect of raising a family disappearing, housing rising to encompass higher and higher shares of income - but demand is not really letting up. It reminds me of working hours. The economy is not a zero sum game, but after a point it seems as if people are just competing for competition's sake, and everyone suffers as a result - stratification of people with long hours and people with zero/unstable hours, disregard for work/life balance, etc.
mavdi 12y ago
The situation in London is very tragic. I think it will stop to function very soon.

stegosaurus 12y ago

Oh; and to comment on the 'efficient use of land' argument that often comes up; I tend to think that those who were brought up in a certain area, or have some sort of personal attachment (family, significant other) do deserve some thought. What we're seeing now is just people downgrading and downgrading, professionals living in tiny apartments, the prospect of raising a family disappearing, housing rising to encompass higher and higher shares of income - but demand is not really letting up. It reminds me of working hours. The economy is not a zero sum game, but after a point it seems as if people are just competing for competition's sake, and everyone suffers as a result - stratification of people with long hours and people with zero/unstable hours, disregard for work/life balance, etc.

mavdi 12y ago

The situation in London is very tragic. I think it will stop to function very soon.