Friday, October 03, 2014
The Solution to Affordable Housing
The London property market appears to be an unpoppable bubble.
Even with a six year long stagnant economy and even though not one of London's 8 million population can actually afford to buy a home in the capital the price of property in London still manages to magically soar and soar.
If you do want to buy a home in London I have a solution. First you need to build a time-machine. You then need to travel back in time and use this map of 1995 house prices to find an affordable property.
London House Prices in 1995 provides a really interesting heat-map of property prices in the capital 19 years ago. In 1995 I actually did buy a house in one of London's cheapest property areas. The map reveals that I managed to buy my house at exactly the average median price for the area at that time. 19 years later that house is now worth the average median price of a property in one of London's most expensive areas in 1995.
If you can lend me you time-machine I'm going to sell my house in the East End and travel back to 1995 and buy a house in Richmond.