Why it's so hard to buy a home in London 

That's ALL political party's, Tower Hamlets-Labour-it's glorious Labour councillors evicted social housing tenants in order to sell their homes to a luxury developer who-"completely coincidently" they all had an interest in (see Private Eye for details) The morons who only spot something when "The other lot" do the crime yet go all forgiving/understanding and quote by rote conspiracy theories when their own party does exactly the same is the real reason why nothing changes.

This is extremely true. London is a harbour for stolen public money, drug funds and other illicit funds around the world. And these guys don't care how much they buy houses at, as long as they can buy ...

Maybe legal corruption?

THIS! I work in Singapore and pay extortionate rent. If I wanted to buy a property, I’d have to pay 30% more as I am not Singaporean. I agree with this big it frustrates me that Singaporeans are able (and do) to purchase UK property without restriction.

JC S Nah it's the banks they lend money for property speculation cut out all this BTL! one home for one person/family .

😭

你哋有公屋

😁😁

😂😂😂😂

I absolutely fucking HATE that phrase ‘Hold my beer’; it bears no relevance to the literal meaning of asking someone to hold your pint of beer.

Much as I dislike the UKs dysfunctional property market, buy to let has actually democratised capitalism as it is less about your income and more about the rental income. The whole point of BTL as a financial play is relying on currency devaluation and consequent house price inflation. The government and the BoE is charged with maintaining price stability (low inflation) but housing - the biggest factor in the cost of living - is excluded from the official index. The screwed up housing market is little to do with free market capitalism and more to do with the "hidden hand of the state".

This has been the plan from the start. A very specific group of people is printing themselves money and buying the houses for theirselves and their relatives to bring their family in as immigrants and there is no houses left for true english people. This has been the plan from the start

so true, hope some guys start thinking about this problem of capitalism, where workers work and live for it making richer those who own those capitals but get alienated while trying to possess such capital. Wait a second...

You're damn right!

Of course Communism is better

Spot on

I've lived in NW London, zone 4, my whole life and the house price inflation is insane. Mum bought our 3 bed terrace in '89 for £92k. That was the thick of the downturn and interest rates were 15%. But she was able to do it. I think she's a bit perplexed that my sister and I haven't bought yet, but I tell her all the time; our terraced house we still live in is worth £550k today. It's out of reach.

@Steven Smith Not sure where you’re looking for a 1 bed studio, but the vast majority are not £3500 pcm in Central London

Unfortunately this is the harsh reality of the market, and the trend is upwards.

There are 90% mortgages, but it doesn’t make financial sense getting one unless mummy and daddy can bail you out if you come unstuck.

Also certain industries have their hubs in London / S.E. The problem with moving to cheaper areas is that they often have fewer jobs, and generally lower wages, which makes getting a mortgage a less affordable prospect.

I agree but many people seem to forget about those people living on the outskirts/commuter towns of London. Since londoners are getting out priced they’re moving into areas which are considerably cheaper (by London standards) to be able to afford & then commute to work because those towns typically have easy assess into london (Mostly Kent/Essex towns) pushing up prices for people who’ve also lived in these area’s their whole life. A lot of these area’s have typically been predominantly social housing/working class with most of the social housing sold off & now privately rented out to those who would of got social housing, makes completely no sense. These area’s are practically becoming as gentrified as London is to accommodate the needs of new people moving in while pushing people who was born there, out. Personally, banks/mortgage lenders need to abolish the “X times your salary is the max you can borrow” and consider bringing back 100%+ mortgages to those who are financially stable. base it off of monthly payments & not the total amount borrowed.

Woefully simplistic

Yikes

It's not the rich buying houses, it's company landlords. I have a lot of new construction come up around me but can't buy any of those houses coz they're all built for renting. If you artifically create supply issues, prices would jump up for sure.

Anyone who lives in a flat, anywhere in the country, it will be leasehold!

Can you explain this construction? Is leasehold different from renting?

@@Bellabambina123 no there is also common hold and share of freehold ;)

@@angelikadepelika3758 With freehold, you own the land beneath you and you have much more flexibility to develop your property. With leasehold, you don't own the land beneath you and you will likely have to pay the ground rent to the freeholder and service charges to the management company. Your lease tenure also decreases over time, so if you have a short lease, you'll have to pay (generally £000s) to extend the lease.

@@Afrinaturality aah yes, now i understand. Thank you. Amsterdam and a few other big cities also have allot of land on lease here. You own the house but the land is property of the municipality, and you lease for 50 years etc.

But back then you could buy homes without a deposit

Mortgage rates in 1991 were 13/14% compared to 2% now. 150k x 13/14% = 20k per year. 1mil x 2% = 20k per year. So central bank policy hasn' t helped.

You are trying to say that Londoners in 1991 are having the same issues that Londoners have now 1. The interest rates in the Uk were not 13-14% in 1991 2. £150,000 in 1991 is equivalent to £342,000 today even then the average house price in London today is £667k 3. Also a big problem is that salaries has not moved with inflation meaning that people can not easily save for a deposit anymore

Its a state controlled economy, where market prices are manipulated high through the pretext of "planning permission" High real estate prices are needed for the oligarchs who are invested into real estate. Also, the fiat money lending bank mafia which owns the government has a vested interest in making land scarce

@@dronyman The BOE base rate was circa 12% in 1990/91, and as now, mortgage rates were set slightly higher than this. So three year fixes, were indeed 13/14%. If base rates go back to anywhere near this rate, then you might find that you can actually buy this property in the future for 342k. Also, you did have to put a deposit down on property in 1990/91.

They weren’t always million pound homes, that’s the point

Which are 80% of the time uninhabited... first tackle that problem ( obligation to live full time in a house ! )

@@phmwu7368 true

I live in Greenwich. (not the posh Cutty Sark part), and a 3 bedroom terrace opposite me is around a million now.

I'm a Londoner and I agree to some extent. It depends where you are in London. Some boroughs are (still) clean, well managed, quiet and worth their price. I want to buy a house in Stanmore in Valencia Road - the houses look like they were taken from Berlin. The area is super quiet, with Jubilee Line and a great park for jogging. I lived in many areas in London and some me be as you say but there are many great places too - SW19 and SW20. I now live in The Drive in Ickenham and it's also a great area.

@@adamuppsala1931 yes, for sure there are still nice areas, but the majority is not as nice as people make out it is (unfortunately) - realised this when I did couriering for a month. It’s not the exciting place it used to be! I always dreamed of having a town house but it’s not realistic anymore due to these prices. What you pay in London can get u a mansion with a swimming pool and land elsewhere in the U.K.… would rather have my own pool than a shitty communal garden 😂 hope you manage to make your dream of Stanmore come true!

Never visited such a beautiful large green city. Everywhere had a park and even out in lower income areas you get great parks. Absolutely loved Little venice, regents canal, Greenwich park… so quaint , yet so forward thinking and international.

@@marlboroqueen I would rather have a shitty communal garden and be so close to non-stop entertainment. 8 months of shitty weather in some big home somewhere quiet is unbelievably dull and miserable. London gives out so much energy which helps me cope with appalling weather. So much to do. Then every 6 weeks down to the Mediterranean. Big homes and countryside in England my ass.

@@JohnSmith-sm7ez Did you time travel back to 1988? London's a dump now.

You went to Japan? How was learning the language and what job did you have?

@DrJams you can be every day fluent (able to get by without translation) in 6 months with daily study and speaking. I was on working holiday visa so did lots of things, but at the time I was living in the mentioned accommodation, I worked in an izakaya (Japanese traditional bar)

Indeed he is strong in, his character and has extreme integrity. That is something alot of individuals don't possess today.

Absolutely. The question is, how could the government effectively regulate the housing market against mass foreign investment? Answer: the question is moot - it's already too late.

@@dansimmons21 never too late

​@@st20332 genuinely hope you're right :)

I wouldn't underestimate the busting of unions. Wages in general are way to low in the UK. They haven't followed inflation and/or wealth increase/economic growth since the eighties.

Me too, bought a house and moved from NW London to Brampton up the A1, 45 min drive.I now own a 4 Bed house with garden garage and a 2 car drive for less then £300K. Beautiful area safe for the children!!

That's bad Nomad.

Come to the UAE , houses are cheaper here and the standards of living are lower and cheaper than the UK, if you don't mind I can hook you up with interesting properties.

@@lewisitor The UAE will also throw people in jail, kill people and commit human rights abuses for ridiculous purposes. They’ve arrested people over CBD oil and arrested people for having a tiny spec of weed on the bottom of their shoe. The UAE is a joke of a country. Islamic countries are some of the worst countries.

🤣🤣😂😂👆🏼👆🏼👆🏼 Scammer

You can rent a house with garden for 1.5k to 3k USD a year in Southeast Asia.

Mariah, share pics of how London was like in the swinging 60s. we wanna see .

I said it in my own comment, but always go for a property even if that means one must take a loan and/or mortgage.

I’m in Canada and my house price in 1960 was around $70, now it is $1500000

But how much was your grocery bill back then compared to now? Petrol salary etc

I'm in earth, and my crust price was negative 100, now it is $18000000 and a nuclear threat if you start mining it

Only partially right. My mortgage was at 15% interest. Things weren’t as easy as you seem to think.

London was very expensive even in 1988 when I first moved there after university. I think you would need to go back to the 1950s when London was relatively affordable.

@@johnlongford1734 15% on a small loan is less than 5% on a massive one. You should do the maths before you say something that idiotic. If owning a home is easier now than then, why is home ownership falling. You strike me as someone proving the poster above's point, not disproving it.

@@johnlongford1734 misleading, interest was only briefly that high in the late 70's.

No you don’t if you look outside of London. You can pickup pretty smart city centre apartments in Leeds and Manchester for 150k and on the outskirts for around 120.

Hello. What seems to be the problem?

Mainland Chinese money laundering using real estate all around the world has priced all the locals out. The only was to fix this will be bloody revolution.

Yes because us normal people can afford a gaff in belgravia and Mayfair

Yeah but us normal people can’t afford anywhere in London

@@davidphan100 but currently the ones who Would live in belgravia can’t because of the investors so live in Chelsea, those who would live in Chelsea but can’t are in Clapham, those who would be in Clapham are in Peckham and those who would live in Peckham are priced out. Cutting off the investment head would free up properties across the whole pack.

@@davidphan100 Nottinghill. I’m five generations of Nottinghill. Most of the properties on my families two streets Ledbury Rd & Lonsdale Rd have been purchased over the last 20 years by foreign investors making it impossible for locals to remain. The rents are insane. When I was kid in the 70s & 80s it was maybe a bit rougher but a more pleasant place to live.

money laundering is an essential part of British economy

The population of London has been historically higher than it is now (look back to the 1960’s). The root of the problem is Thatchers policies in the 80’s getting rid of social housing stock from the system and allowing the property investors to take over.

@@a1white No - that's not true. Thatcher's policies only changed a few lives.

@@scinformation7229 😂

@@a1white To be fair the minimum standards of living have increased a lot since then. While there still is a problem with slum landlords (just see the bottom end of Spareroom) it used to be two or three to a room, sleeping on the floor, and three generations of family in a crowded 3 bed terrace house because no one could afford their own home. Arguably Thatchers policies allowed many more families to own a home, which is great for social mobility. She just didn't realise that if you allow a working class family to buy a home for a fraction of its value, they would instantly sell it to a full time landlord and use the money for trips to spain

It was affordable in the 90s. Now its impossible

Yep, correct.

@@Leah-ju8ht surtout les russes

The problem is supply. This country basically declared war on social housing, govt from Thatcher onwards, turned its back on basic housing provision, pushing most people into private rentals. This video shows the data, more property in London is rented than ever before. Add to that price inflationary policies, help to buy - a developer's subsidy basically, liberalisation of buy to let, allowing rich investors to buy to leave all over London. It did not have to be like this. The govt could have maintained a level of social housing supply, limited right to buy, which would have calmed demand and cooled prices over the last 20 years. They didn't and now the average London terraced house is half a million pounds. Totally unaffordable.

@@ruffey1748 UK establishment is not interested in increasing the supply of houses to buy or making it easier for tenants to rent any words they utter in that direction is simply lip service the aristo's have all their wealth in land property and investments and they're hanging onto it! always have and always will!

It looks disturbing when the yield is less than 2% and prices are 13x average earnings. But it is really a bet on long term currency devaluation by the government which is probably only second to death and taxes as a near certainty.

Your proposal would generate hyperinflation so no thank you.

They ve been doing it in Australia for years , no hyperinflation there. The English , they think they know everything better but they clearly don’t. Look at the state of their country : Almost double digit inflation, no workforce to pick produce in the fields so tons of produce wasted, alcoholism and drug use everywhere , knife crime, stagnating salaries, gap between rich and poor getting wider and wider, the ultra rich and big corporations don’t pay enough tax, the real estate sector has been ruined by going after the small landlords with taxes, more and more people falling into poverty and using food banks, NHS pretty much only to get generic prescriptions filled otherwise you have very very long waiting times, lack of funding for special needs schools and they are mostly full so special needs children end up in regular schools where they are usually bullied, funding for care for special needs children and adults pretty much non existent , ridiculous pensions on which you can’t survive on with dignity unless you have other sources of income and own your own home, poor treatment of veterans with physical injuries and/ or PTSD. I could go on but I’m already starting to get depressed so I’ll leave it for know. I think the people in charge should start eating some “ humble pie” , and look to other nations that are doing things better in some areas for inspiration….

@@jamesphoenix1850 Thats not how that works. It literally just increases wage according to how much more profit and inflation is caused.its backed by their labor. Hyperinflation only gets caused by spending spending spending thats not backed and has no mony value come back.

@@theoverlord1925 I agree with everything you have said, and all of that is true, but I suspect your solution to the problem is different from mine....

@@RK-cj4oc It's more complicated than that, inflation is driven by the ratio between money supply and productivity.

Exactly. Singapore seems to have got it right. Housing for all the nationals in high quality HDBs. Then separate more expensive housing for foreign investors. They’re not competing for the same properties.

@@hashmo101 because Singapore cares about its citizens.

They will hardly benefit from that though 😕

Unless they down size or move elsewhere, they won’t benefit from the market profit the house has amassed. It’s all pretty stupid really.

@@peteradaniel Yeah but that is how most people retire is it not. Either that or re-mortgaging it.

Buy upper middle class house in Essex still 490 to spend on car and life. There no bottom in market . It 185 to 280 where I live for 1 bed bungalow or flat and then 350 for semi and then 400 to 420 for 4 bed detach house and then 500 to 600 for veiw or near a train line . . The difference between semi and detach house is only 100 or 80 grand . That's problem there no bottom once get on property ladder it relatively easy to move up but almost impossible to get on

My grandparents. harrow. 2.5k 1950s . 3 bed terraced

Plus buy to let sector used as a pension/ financial instruments so the formerly affordable housing is not just unaffordable. Its pushing people out into housing built on the green belt which in turn push out locals and permanently damaging the environment and reducing arable land.

@@katem6562 and in turn reducing the supply of housing that can actually be bought, pushing up prices even more. If it's not already London isn't a city for inhabitants but for investors

@@maeudaou7347 Okay well as a Londoner who is also a first-time buyer. I can confirm everything @Apple Licudan said.

And the sellers have no protection from a buyer pulling out at the last minute.... Works both ways

The big problem UK have in terms of housing, is the mass immigration that's created the housing crisis. Rwanda is a start but more needs to be done.

@@bogeyonanostrilhair9568 it has nothing to do with mass immigration you gammons are morons for real😂. How about you get out of your mother basement and get a job? Btw dipshit it will cost 2 million each to send ever asylum seeker to Rwanda, to stay in luxury hotels. But that doesn’t matter anyway because I guarantee not a single person. Even your lord and savour Farage says it extremely unlikely. All this policy is, is meat to throw at the racist base and to distract from partygate.

You can never own your property in a Monarchy like UK where the Crown owns everything and even your freehold is not secure. Read land law for UK.

@8rick1ane We too were taken over, twice, and it left us in far better shape. Like we left countries in better shape when we left. There are countries like India that have thanked us for what we did for them. Look at Singapore and how well they've done. Surprising how others have needed to be propped up for decades and will do forever. They come here because we are highly intelligent and a well-off country. If they take it down theyll be left with what they left behind. Their look out really.

The lowest I think

@@newmind4850 not quite, Romania and Bulgaria have the lowest wages as far as the EU is concerned.

I left for Spain a few years back. I know how hard it can be hope you can find your answer

You have to try to take the plunge. I moved from NW London in 2020 45 mins away in a place called Brampton. its the best place and thing I have ever done. I had that mindset and so do many 'I can only live in London' and that's what messes people up!

Exactly!!

@@cordfortina9073 and Social housing should never have been sold off to tenants for a few pounds each.

@@cordfortina9073 which came first? The faulty policy or the sell off? (I lived in London from 70-99 and saw it all first hand)

Get yrself a license m8

@@LysanderLH and social housing shouldn't be a home for life....there are people living in council houses earning 6 figures as their circumstances changed.

@@jenjones90 dealing with people/families inheriting social housing would require local council housing teams to retrain and create new departments specifically for that purpose. As staffing budgets are very tight, staff would probably be moved from homelessness teams, thus creating other issues.

That's still affordable compared to London, imagine paying that $800,000/£500,000 for at best a run down 2 bedroom terraced house on the outskirts of the city or alternatively a small 2 bedroom apartment nearer but still not actually in the centre, or a half share of a semi-reasonable apartment in the centre.

I live in SoCal. My tiny 3 bedroom house is valued at $700,000. Corporations are buying up houses everywhere and renting them for outrageous prices. In northern California overseas people are also buying up 2-3 houses and leaving them empty as investments. People are now completely priced out of the market.

@@gr8macaw1 sounds crazy but it shows how bad the situation is that reading that I think, 3 bed $700k that’s not too bad. In the US average salary is like $60k, here our average salary is £28k, I live about an hour outside London and I’d struggle to get a modest 3 bed like you’re saying for less than £450-500k

@@gr8macaw1 That's true in UK too. Empty homes, bought by oversease investors.

its called corporate greed.

Agreed. Firms are slowly trying to return to full in-office work, even when it's not necessary, and with most big organisations being in London, many people have no choice but to move there. Remote working would resolve most problems, but firms are too greedy and controlling to allow it.

You're spot on! But it's much easier to blame Thatcher than do any real analysis and implement policies that will cause significant change. In true political form, lets blame someone else and thus not have to address the issue ourselves

@@MissimoCat Remote working is not the only solution. As a young person, when everything is based in London, it makes other places in the UK just very unnatractive to live in, even if I can work from home. The rest of the south are like suburbs of Lonodn with nothing there half the time. Cities in the north seem to have more of a personality but until more business moves there they will never have as much going on. There has to be some reason for people to move to these areas. I'm from a tiny commuter town in the south. I'm never gonna live there long term as a young person. There are no young people there and no facilities at all.

The CONSUMERS are in London that’s why businesses come to London

Well in Greece many people cannot live in rent away from their parents because their wages are too low. And that doesn't happen only in unskilled jobs. The vast majority of the people does not consider it normal.

It also fails to mention the fact that Right to Buy was originally a Labour Party proposal in their 1959 Manifesto. Furthermore, New Labour had more than a decade to limit expansion of the Buy to Let phenomenon which started in 1996 but did nothing. A perfect storm!

They also forgot to mention that londons population was decreasing dramatically pre 1980s, so houses should have been getting less expensive during that period.

A lot of the properties in the 80s in London, were available to hardworking young professionals, i.e nurses, doctors, surveyors, builders, etc, however those were the halcyon days of the baby boomers and post Empire, and in the height of it, a hardworking family and indeed many did so, bought their houses. Fast forward a couple of decades, a lot of those properties were sold for a quick profit. I could tell you that Battersea was just a working class area next to Kensington and there were no yuppies in Brixton, and that was the early 90s. Change happens unfortunately and now those career driven singletons live together in several pocket neighbourhoods in LDN.

Getting married, leave that ridiculous ritual alone.

@@sidesauce Financial disaster

For a 500k house you’ll still pay 3-5k in property tax So its still alot

For the US, it really depends on the State. Income tax varies too. Texas has very lucrative income & property tax rates. California screws you over. Some countries eff you up with income & property taxes too -especially if you make over certain amount.

@@jimbojimbo6873 thats actually not true, factoring in exchange rate, $1000 is the cost at $500k (if you can find one that cheap in London but the maximum is $2,800 , even for a $100million property. Here in the UK all properties are allocated a band based on the value of the property, regardless of size or location

In California prop 13 passed in 1978 it limited property tax increases to 2% a year as long as you lived in the house from the date purchased. I bought my house in SoCal in 2000 and my tax has not increased more than 2% yearly. I currently pay $4,500 per year.

But you Americans are the most taxed people on the planet....lol. All your tax dollars go to building useless huge nuclear powered aircraft carriers.....but you do get to say Fkin A - when it passes you.

Well kick them out. That's so unamerican

Toronto !!

Vancouver 😞

@@604h22a how is Montreal mate? Any clue?

It's the same globally especially in most western nations.The plan is that "you will own nothing and be happy" ie the WEF ie the great reset

@@palashrawat401 400.000 pounds still gets you a nice little place near Toronto or Montreal

but you get train and bikes and just gentle functioning transport

LOL 2.5%!! interest rates in US are 5.75%

@@kyleafc9583 average 700,000 euro is alot tho. Even in the most expensive state of cali, the average prices are not that much. Also note, Dutch salaries are alot lower than American.

@@darreldennis7115 the average cost of a median home in California is actually $700k… average salary in US is $56k and in Holland it’s the equivalent of $40k… not that much of a different Darrel.

Yeah, But in Amsterdam you can go out, smoke a joint and dont care about mortgages......or anything...... In Europe, you work to live. In the US you live to work. It is horrific. You only have to look at US expat vids to see how bad a deal the US citizens get.

A point that is very rarely mentioned, and mostly large families too.

Same here. Southern seaside town. Not very desirable or particularly expensive. But now it is for same reasons. Will turn out like Cornwall if we don’t take actions.

Genius. Absolute genius. This solves everything. Please take a megaphone and take to the streets

The thing is thet a certain group of people is buying all the houses and bringing their family in as immigrants. And there are no more houses left for actual english people

@@uk9383 Dude. Statistics. It really helps you. Like if you chop an apple into 10 pieces and you take a piece and someone tells you to give him an apple and you give him a 10th of an apple. then that is fucked up. Just like your total ignorance that you have to look at which slices / percentage each sector makes up in a given market. Foreigners are mostly laundering their money. These are properties less than 1% can afford. In numbers however they do not matter. In money, yes

That’s not the builders fault,they do that to have continuity of work for it’s employees.

@@uk9383 Goodness, what nonsense! As usual The Sun/The DM readers blaming immigrants for every problem under the sun instead of looking to their own government corruption, laziness and greed.

Luddo Nocco , there are no solutions.

@@PHlophe build more homes and make it super expensive for non owner occupiers to purchase them?

Videos be like: the future is dark. Deal with it.

@@hashmo101 The housing mafia have the governments in their pockets. Restrict supply and increase rent prices. These rich families make money from renting their properties out to the average salary man. The game is ridged.

Videos like these will never acknowledge the affect of mass immigration. Can’t pursue solutions until the proper causes have been identified.

Why a public register? I don't want people knowing where I live, just because they have my name ?? Mental

@@curtisducati And crucially didn't replace them. The current points based housing allocation clearly stipulates only the most vulnerable and most in need are placed in band A and B (top priority). Those not placed in bands A and B will probably be waiting decades for affordable/secure housing. Because asylum seekers and specifically refugees are considered the most vulnerable in society they will obviously get housing priority. And with net migration at around 250 thousand per year, they'll need to build a city the size of Birmingham every four years just to house asylum seekers. It's a complete disaster and all thanks to open door immigration.

In the US our politicians favorite scam is insider trading. Even when this becomes public nothing happens to them. Its business as usual.

We may have another video in the works about this...

@@CNBCi Release it!!!🤣

@@CNBCi Chinese and Russian money

@@CNBCi An an American expat, and 22 yrs in London I have seen eye watering increases in property prices (much to do with Oligarchs and other foreign investments driving up the market). BUT I would still rather buy in London than any major US city as London market will always be a better investment and any dips recover quickly. There are also better schemes in the UK for helping people get on the property ladder which I don’t see as much in the US.

And 3 million from 1993, ironically the most “diverse” boroughs have the highest unemployment

Is it impossible to build houses or something? I don’t see why it’s a problem

Also there are hundreds of thousands of homes built in the last twenty years. What is your point?

@@JamesSmith-di4mc lots of demand outpacing supply.

Because pseudo housing charities and foreign investors are bulk buying.

Hard is a gross understatement.

Buying a home is a term that includes freeholds and leaseholds but recently leasehold contracts are getting to be a bit of a scam and the terms need checking carefully.

Incorrect. Vast majority of houses are _not_ leasehold - ie you _do_ own the land. In recent years, houses have been built which are leasehold (on large estates usually) but I would not touch them with a bargepole; I think people who bought them, sadly, were poorly advised and/or didn't read _the small print._ Flats have traditionally been leasehold, but it is possible for the flat-owners to get together and buy the freehold, so they can be in charge of their own bills and maintenance etc, and not at the mercy of someone else who may be ripping them off, as can happen. You can therefore buy a flat which is leasehold or _share of freehold_ in many places. Leases can be incredibly complicated which is why you need a specialist solicitor, as we used with my flat in an outer London borough.

A lot of London's wealth comes from supporting shell companies and money laundering. There'd be intense lobbying against any proposal to clean that up.

Live in Myanmar then?

@@moasha3872 no that's Jewish culture. The west has a history of homesteading communities

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Please pray for me, to leave as well London is a hell hole. I am very sad as I was born and raised here. However in the last ten to fifteen years, it has changed into a place I no longer recognise 😥.

Exactly, you can only afford it if you're rich

what's your job?

@@markohenry5891 milkman? What’s a milkman?

A one bed for £500k?! Mugged.

@@thunderbug8640 maybe but ill be selling it to an even bigger mug in 30 years time when I retire which should fund that townhouse in Tuscany - the world... she keep on going round!

Scam…