The 0.1%. Nationality is irrelevant.
It seems like there were those in the city who were of the illusion that they could either have their cake and eat it too (maintain “passporting” rights to do EU financial business as if they were still in the EU) or possibly to have a Brexit in name only, to appease leave voters but keep everything the same, really. They are coming to the realization that neither of those is going to happen because the rest of the EU won’t agree to those situations…
Again, that doesn’t pass the sanity test. Half of London households, some 4m people, are owner-occupiers (source). The global 0.1% is 7.5m.
I appreciate the hyperbole but don’t be that guy.
OK then.
The same year as your report the average London wage was about £35,000 a year. The average London house price that year was about £500,000. That’s 14.3 times income.
The best mortgage I could find was a 5.5 times income one and you still need 5% deposit.
Even taking into account that most first time buyers are working couples, that’s still 7.15 times earnings. London house prices are provably out of reach of the average Londoner.
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I certainly agree. I think most of the owners are (a) older folks who bought years ago and are doing fine (b) precariously over-borrowed younger couples. The Russians/Arabs/Asians/Westminsters are a side-show.
Not necessarily.
Led by investors from Hong Kong and Singapore, foreign buyers snapped up 3,600 of London’s 28,000 newly built homes between 2014 and 2016, according to the most comprehensive survey yet of international investment in London housing. About half of those were priced for first-time buyers between £200,000 and £500,000. https://www.theguardian.com/society/2017/jun/13/foreign-investors-snapping-up-london-homes-suitable-for-first-time-buyers
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