Problem is the elderly move out of these massive houses (that they bought for £4K decades ago and is now worth £500k) into a retirement flat but no one local can afford to buy the houses they move out of.
I've honestly no idea how long this can continue? These people think they're so clever simply because they own a house that has tripled in value, as if their London home is a goldmine they're sitting on. Well that may be true, but only if there is someone out there able to purchase it?
As someone in their late 20s who grew up in suburban London, absolutely none of my peers in my personal/work life are buying here. One in a shared ownership flat on the outskirts of London, but that's it. It's really not even a consideration anymore. Every house that goes on sale on my street is bought by developers and turned into flats (depressing as well as
bleeping annoying as there's a constant stream of renovation works happening to put up with, but that's another story).
3/4 bed houses that look halfway decent are going for £950k+. They've even started knocking down mansions near me to replace them with luxury flats. I've really no idea what the future will be for all of these beautiful London homes because there's certainly no surplus let alone an equal level of demand vs supply coming from our generation, for those who are lucky enough to have buying be a possibility at all.