London’s Housing Market Is Seriously Getting Out Of Control…
If you live in London you know that it’s pretty expensive when it comes to renting and buying properties.
Actually, you don’t even need to live here to know that since London is the third most expensive city to live in, in the world.
With 281,000 millionaires, 4,224 multi-millionaires, and 54 billionaires living in London alone, it’s no surprise that property prices are rising by the second, with everything getting snapped up quickly by the super rich.
It’s estimated that over 500,000 properties in the UK are worth over 1 million pounds. With Kensington Palace Gardens being ranked as the country’s most expensive street, with homes there worth £42.6m on average.
It really is getting ridiculous. So ridiculous to the point that within the next 20 years it’s predicted that London will pretty much be a playground for the rich – leaving the rest of us mere mortals forced to move further out to other parts of the UK (which is already happening).
I was watching a documentary on Channel 4 yesterday, Million Pound Properties (which inspired this post), and it’s shocking what 1 million pounds will get you in Central London. No not a beautiful, big, shiny mansion. Think more of a small, cramped, 1 bed flat with barely enough room for a king-sized bed!
You can watch the full documentary online on Channel 4’s catch-up service, 4OD. It really is an eye-opener… www.channel4.com/programmes/million-pound-properties.
Also check out the diagram below which is a recreation of London’s tube map into a ‘rent map’ highlighting the different prices for rent all over London.
Seriously, can someone just deposit 1 million pounds into my bank account please?! Even though it probably won’t buy much by the looks of things!