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Why is it almost impossible for Millenials to a house in London

London is home to some of the coolest things in the entirety of the United Kingdom. It is the English capital, contains numerous cultural attractions, has close proximity to the beaches, like Brighton and the mountains, like in the Cotswolds, and has tons of pubs to go around. After all, the English DO love drinking a pint of Smithwicks on a hot summer day or having a nice Irish coffee in the wintertime.

So, why do we see people buying property here less and less? Not only are rent prices extortionately high for r what you are getting, like a room in zone 13 being over $800, but you are seeing fewer young people wanting to 鈥渟ettle down鈥� and commit to buying a house in the area. 

Along with younger Millennials wanting to go and travel to see what else the world has to offer, but they are also less likely to purchase a house in London due to the ever-rising prices and lack of options. Although there are more and more properties coming onto the market, they are not affordable on what people are making as a salary in London.

Is there a solution? Let鈥檚 go over what is happening in London and if Millennials can solve this problem. 

You can鈥檛 do well at your job AND have a social life

The Banqueting House along Whitehall, London, UK-Wikimedia

If you are living in Londo, being social is part of the world you live in. if you are in the corporate world, you will go for drinks after work, have to go to the gym to keep up an appearance, and have client dinners. So how can you do it all on a budget? In reality, it is almost impossible. Unless you are making a hefty salary with your current job, it will be back-breaking work to continue working 40+ hours per week, hang out with your friends, and have downtime to yourself. 

The rent is extremely high

HSBC Building, 8 Canada Square, Canary Wharf, London, UK,By Danesman1 – Own work,Wikipedia

Just like buying a house in London, the rent is extremely high. If rent is high, buying will be even higher. Rent prices are approximately $2,500 per square foot for properties in desirable areas. Of course, you can find a less expensive place, but it could take you 1.5 hours or more to get to the center of London. In this case, are you even living in a desirable and cool metropolis? Not really. 

The prices are higher than the wages

King’s College, London- Author; Katy Ereira- Wikimedia

Unlike other cities, where you may make X number per year for your salary and spend X per year, Londoners make the same amount of money 鈥� but have to spend more to get the same things. In short, if a Londoner鈥檚 salary is $40K per year, they might only be able to afford a small room, cheap food, and rare social life on the outskirts of the city. On the other hand, a Parisian may make the same amount, but could afford a one-bedroom apartment and higher-quality expenses in a more desirable location. 

More demand means higher prices

St Paul’s Cathedral, London by Mike McBey – Wikimedia Commons

If somewhere is desirable to live, property managers and land developers can get away with making somewhere more expensive to live. Since people will come here no matter what, like 鈥渞ich鈥� office workers who are making more than $100K per year, London land real estate agents can continually push purchase and rent prices. Therefore, those young Millennials who are not making very much money per year are pushed out of the city farther and farther. 

High land prices

View of the construction sites around the east end of Royal Albert Dock in the London Borough of Newham By Kleon3 – Wikimedia Commons

Higher land prices, issues with the business models, an increase in capital, and planning and zone restrictions all lead to extremely high property prices. Therefore, it is extremely hard for young Millenials to purchase land, buy homes, or pay a down payment for a property. 

So, what should you do if you have a job opportunity in this capital city? There are a few key pieces of advice for young employees who are thinking of relocating here:

• Rent first! Avoid buying a property in case you are buying during a seller’s market. Instead, find out where you want to live first by renting an apartment and checking out the local area. 
• Price check in other locations – See if you really need to move to London, or if you can move into a similar property in a nearby city or suburb for a much lower price. 
• Ask the experts – Work with a real estate agent to see where you can find lower-priced real estate and properties that fit within your budget.