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This is an interesting chart.

http://www.bbc.co.uk/news/uk-england-43881389

It appears that in most parts of the UK, average rent is £14k lower than average take home pay.

But look at the London boroughs

Islington - average wage £29k. Average rent £23k for example.

In parts of Londonistan, you would be working until October 4th to pay your rent.

Why would anyone on an average wage stay in London?

 

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20 minutes ago, Cunning Plan said:

Why would anyone on an average wage stay in London?

This is the bit I don't get.

I don't get why the average/low paid in London don't move en-masse to somewhere cheaper up north.

Is it perhaps the assumption that eventually you might 'make it' in London and earn a fortune?

Or is it just really, really shit up north.

Edited by JoeDavola

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1 minute ago, JoeDavola said:

This is the bit I don't get.

I don't get why the average/low paid in London don't move en-masse to somewhere cheaper up north.

Is it perhaps the assumption that eventually you might 'make it' in London and earn a fortune?

Or is it just really, really shit up north.

Probably benefits. I doubt many in London pay all of their own rent.

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8 minutes ago, Cunning Plan said:

Probably benefits. I doubt many in London pay all of their own rent.

Beat me to it. The state is paying for most of those London rents.

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That, and, "house of multiple occupation". The number of people living in any one property may not be the number that the landlord is renting to.

Indeed we're seeing incidences of landlords being prosecuted in London for doing exactly that - and, for renting "sub-standard accommodation" - an example would be "not enough toilets in the building for the number of individual lettings".

Thing is, nobody lives in rat-infested hovels through choice. It's all they can afford. So once you shut down those landlords, the hidden problem is no longer hidden. Where do those tenants go?

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As I mentioned before, I know a bloke who's investment banker friend bought a 1 bed flat in London a few years back for £500K. Good zone close to the center.

But it's partially council owned, and the (bigger) flat above him had a large family of Africans living it as council tenants, treating their flat like shit to the point where water spillages/leaks were affecting surrounding flats.

That wee story says everything I need to know about London.

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the So-Called BBC Data Unit  - jeez. Ascribed the rising disparity between rent and income down to tech jobs this, financial jobs that and not one mention of population changes and habitation density.  

 

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1 hour ago, onlyme said:

the So-Called BBC Data Unit  - jeez. Ascribed the rising disparity between rent and income down to tech jobs this, financial jobs that and not one mention of population changes and habitation density.  

 

I'd question the mathematical abilities of any developer who moves to London for work where the majority of software developers earn under £50k. You'd struggle to rent a studio flat on that salary as they are all priced for say raming 5 Romanians in.

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2 hours ago, DTMark said:

That, and, "house of multiple occupation". The number of people living in any one property may not be the number that the landlord is renting to.

Where I work, most of the younger people rent a two bedroom flat between two couples, subletting a council flat seems fairly common. Makes it a proper nightmare when couples split up.

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