Housing prices in the London don’t seem to have the same rules as the rest of the country. As many properties in the North struggle to recover their former value and people sit and wait for the good prices to come again, it seems that property in London is being aimed at the more elitist of people.
Many of the local workforce are being pushed further and further out of the city as the escalating prices and developments within the inner boroughs become more overpriced. Over 50% of people in need of housing in London is needed by people earning less than £50,000 a year but the properties are aimed at a much more exclusive group of people that can afford to dine out, drink at the best bars and book the sexiest busty London escorts around. The houses are going for £2m or absurd rates of rent which is pricing nearly every worker out of the city and forcing them to take up residence in smaller suburbs from which they commute into work.
Obviously this is not London as a whole but as a general rule the normal family cannot afford to come and live in the capital. Developers are looking at property or land near the centre of London or on good commuter networks to the business sectors and creating luxury housing establishments aimed at the international business man with several million to spend. This is forcing the gap between the wealthy and the average person wider and wider. If there is no halt to this trend it will be near impossible to find a place to live in less than a two hour commute to the city soon and new families and people starting out in business will have next to no chance to get onto the property ladder.
It is a saddening thing to see that more young professionals are having to stay at home because the property market is so ruthless. Young people with good professional jobs are being forced to stay at home with their parents even after having qualified from university as money does not allow them to break out on their own and find their own feet. Is this to the detriment of the modern developing population or can staying at home longer help to develop a persons finances better and mean that when you finally break out into the world you will be more established and ready to face the trials and tribulations alone?