As a final year uni student, recently I have been thinking a lot about the future and joining the real world, and what a depressing state it’s in for young people. Now I’m a Londoner born and bred, and always intended to live and work in London for the rest of my life, but the real life experience of seeing the house my 30-something sister has had to settle for, has alerted me to just how insane the London housing market has become. While I knew that the super-rich from Russia and the Middle East buying up prime real estate in the affluent London areas had a domino effect of rising prices throughout the city, as the normal rich were forced into lesser areas, the middle classes were forced into gentrifying areas or out the city altogether, and I’m not even sure where the working classes have gone. What I didn’t know was just how crazy the prices had become and how out of touch it was 1. with incomes of the London workers and 2. the house prices in the rest of the country. Back to the case study of my sister, she’s a 30-something banker in an Irish corporate bank, she’s married and her husband works in the IT department of a FTSE company, they have no kids and have 2 cars so I’m in no doubts that their combined salary is N of the £100,000. They’ve recently bought their first house their budget was £350,000, they could only afford this by selling a flat they owned. There target house was a 3 bed semi with garage. They got it, in a fairly suburban area and I was expecting for that price it would be a typical big middle class surburban house in a lovely area, I was gravely mistaken. The location of the house was highly undesirable, it’s 30mins away from the nearest train station, 20 mins away from a tram stop, upon entry it is even worse the house needs severe renovation it screams 1970s, the physical size was small considering I have an perception of semis being large, yet this ones was smaller than the two terraced houses I lived in my whole life, the final revelation was that the 3rd bedroom in my opinion couldn’t actually fit a bed, therefore it’s basically a 2 bed semi. Why I’m writing this is because despite all that my sister still shelled out £350k for it, when it’s clearly not worth and with all the renovations that cost will spiral. Then she told me to get a decent house, for that price she’d have to move to Dartford, Kent. A house with her specifications in Nottingham where I study she’d of got change for £200k. So uf the London housing market has spiraled this much out of control, something has to be done, there’s 8 million people in the city, the majority of them don’t have 2 incomes and a flat to sell, if my sister who is undoubtedly middle class has to settle for such poor standards to stay within the city boundaries, what about the rest of us. If I’m ever kicked out of my mums where can I live on a 25k a year grad salary, we can’t all collectively move to Dartford, it’s not practical for starters. The government or the mayor need to do something, the polticians seem to be ignoring the rampant housing market, which doesn’t surprise me with their extensive real estate portfolios they probably rubbing their hands with glee, Labour talk of a cost of living crisis, housing’s part of that, yet they have a policy that’ll tax ordinary Londoners for having high value homes which is beyond their control, it’s not their fault, tax the sheikhs who caused the price hikes in the first place oh wait you can’t because they only fricking live here for a few months a year, in NY they have rent control, bring it in here. I recently read an article that the super-rich housing speculators have moved on to targeting housing in the outskirts of London for the high mark up, they need to be stopped, ordinary Londoners have been trod on for too long, its them that keep the city running not Russian oligarchs.