In 2018 so far, London has seen a large drop in the value of housing property according to this article in The Guardian. Whilst price volatility in central London has reduced, prices in South and West London continue to fall.
It’s interesting to note that the herd mentality see house prices falling as a bad thing. But really, unless you’re a millionaire, no one can afford to live in London. The many millions of people who do live in London live in very difficult circumstances – families have to have both parents working full time just to afford the rents and mortgage repayments. And then there’s their kids to clothe and feed as well.
Known as the gentrification of London, many people have gotten so far into debt trying to stay in London that now they can’t afford to move out and they can’t afford the stay either.
Really, what’s the point? What’s the quality of life for people in situations like these? It’s a mad world where people are prepared to slowly kill themselves through stress and poverty just to satisfy a corporate agenda they never created in the first place.