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Median house price is £160k. The median in London will be much higher.

Median income is £22k.

What has happened is that people are renting, sharing, or both. Or they're not leaving home at all. We have an entire generation of people under thirty who have almost no prospect at all of owning a house - especially in London.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sat Dec 12th, 2009 at 11:16:05 PM EST
[ Parent ]
And this week it was reported that even though prices fell they are pushing back up again towards pre-crash leveels, having risen by 1 1/2% over the last year, now the initial fall is out of the  figures. This is on prices that it was reported that at their peak needed to fall by 35%, or stay flat for seven years to allow wages to catch up.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Dec 12th, 2009 at 11:44:59 PM EST
[ Parent ]
So who is buying these houses? Is there a slow moving version of the mortgage disaster we had in the US?

you are the media you consume.

by MillMan (millguy at gmail) on Sun Dec 13th, 2009 at 03:49:40 AM EST
[ Parent ]
there are a large number of very well off people in london who can afford those mortgages. and second and third houses out in the country to prevent property prices dropping out there

Also a lot of property was bought on "buy to let" mortgages (pay off interest only) which catastrophically distorted the market.Plus people are beggaring themselves to get on the housing ladder.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sun Dec 13th, 2009 at 06:51:51 AM EST
[ Parent ]
We have an entire generation of people under thirty who have almost no prospect at all of owning a house - especially in London

Welcome to the club. See this and that.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Sun Dec 13th, 2009 at 05:08:09 AM EST
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