London (pricey) #lifestyle
Always tempting to try a new life in a capital city and London is a place which seems to bring together people from various horizons.
However, there is a price to pay – nothing more normal. It is becoming almost a privilege to be able to work but mainly live in London.
There are two options: either to find an accommodation in the suburb and commute on a daily basis or have the luck to get a flat in central London, avoiding hours in the London Underground with potential delays and strikes too.
The latter is a dream for most people because this can be pricey even if the transport cost is limited.
Houses, flats and accommodations in general are like gold dust. Of course, Kensington and anything with a SW postcode is the prime area to live. Chelsea and Mayfair are just prestigious places, with beautifully maintained streets and buildings.
Getting on the property ladder…is this the aim of most couples?
It is then a real battle to manage a healthy lifestyle between all the cost involved such as food, rent/mortgage, transport, social evenings and staying trendy to a minimum.
What drains most individuals is not the food but everything related to housing expenses including Council Tax for instance. Consequently, it is vital to earn enough in order to be able to get that comfortable gap between spendings an earnings. Investment property is on everybody’s mind when reaching a certain age. Owning a property is something special, it seems. Maybe a sense of self-achievement in life.
But are London house prices getting out of control?
Early May 2014, it was reported that a London apartment went for the astronomic amount of… £175 million (for info this is more than £10,000 per square foot). Insane?
In fact, it must be said that the location is rather unique: Penthouse D at One Hyde Park, overlooks London’s best-known Royal Park. Of course, this is not a bedsit or studio but a 16,000 square foot penthouse – a luxurious and spacious place to live comfortably in a high-profile sector of London and not that far from Piccadilly and The Mall too. (Read full article HERE)
There is always a cost to pay when it comes to quality. But is there a fine line not to cross?
If the demand is higher than the offer; it is certain that selling prices could reach high(er) records.
This means that only the elite and wealthy investors will have access to the crème de la crème of the properties available on the market.
Meanwhile, this could change dramatically according to the global economy. No need to mention again the recent and still ongoing recession affecting a lot of families.