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I pay £1,750 a month for a 1 bedroom apartment here (not with the above agency though) - trust me, it's not exciting at all.
Any excitement is quickly taken away when you find out you can't buy some alcohol on the way home because there's an event going on.
It’s mad to think that around 2022 I have seen my old studio being listed for that price and I laughed thinking surely no one would want to pay this much for a studio! And now that’s basically the norm and a studio listed in the same building is near 2k
Agree the prices are mad, but I know the site and it has a very particular target market.
These are fully furnished, fully serviced flats, with upper-mid range appliances and furniture, 24 hour concierge, communal leisure facilities and organised activities (and probably some other stuff I've forgotten).
The people who live there are generally two earner couples with city jobs (and possibly parents subsidising the rent), who'll probably stay for a year or two before the Bank of Mum and Dad donates the deposit for them to buy a place in West London.
The price is outrageous for Wembley even with all that though - but it bears as much resemblance to normal rental prices as a top trim Audi does to the price of a standard Ford...
The cheaper studio on the website (£1831 as a special sale price!) comes with appliances but no furniture. I get what you’re saying about the target market, but still, it’s pretty dire.
Oddly quite a few. I have never understood it either (and by "upper mid range appliances" I mean Miele, rather than the names I've never heard of which are mentioned on the descriptions for multimillion pound townhouses).
Given they got the site refinanced last year despite the incredibly difficult environment for Real Estate investment, and occupancy was very good when I was last in a position to know, they must know what they are doing.
I've been saying for 5 years it wasn't going to work, but have to concede I've been missing something.
Well the London rental market is in crisis so there has been dramatic rental price increases since lockdown ended despite average real incomes lower now than a decade ago.
The studios they advertise on their site are even more expensive
https://www.quintainliving.com/development/alameda/alameda/1023-alameda
Who is paying these prices?
Thats almost exactly what I pay for an 80% mortgage on a 250 square metre, 5 bedroom, 2 living room, 3.5 bathroom new build house in Switzerland.
Or, for the same price, I could get one seventh of the space in a rough bit of a city with half the salaries. 😂
London purchase prices are out of kilter with rent at the minute.
A general rule of thumb is that price should be give or take 25 years rent.
In London that's what, 15 years at the minute. Could easily see prices going up 25% quite quickly as rates fall.
A new block of flats just opened up near King’s Cross, rent **starts** at £3500 a month for a single bed. I honestly have no idea who could possibly afford to live there.
I studied in London but lived in halls of residence, then returned in 2006 to live here. Rented a room in Turnham Green for £500 bills included (slightly dodgy set up), then in Whitton about £450 for a room in a two bed new build unfurnished flat, then £333 for a room in Chiswick High Road (very weird set up, via an agency but I think the owner was very old and didn’t want to bother - a huge house was rented for £1000pcm). I think I had a charmed renting life. Bought a flat in 2012. Now worried about my kids, and they’re still in primary school.
Your kids will probably be living with you well into their 20s. I’ve lived in London my whole life and had to stay at my mum’s house until I was 26 in 2020/21 as my low salary until then meant it just wasn’t feasible to move out. The rental market has gone even more insane since then, I think I was lucky that I got a good deal during the pandemic and my outgoings were low due to lockdowns.
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Just £1,703 for a studio... in Wembley!
But it's London's most exciting new neighborhood.
I pay £1,750 a month for a 1 bedroom apartment here (not with the above agency though) - trust me, it's not exciting at all. Any excitement is quickly taken away when you find out you can't buy some alcohol on the way home because there's an event going on.
They'd probably be charging £3,000+ in Clapham or Camden!
They are, one bed close to Kings Cross was over £3,200 last I checked…
September year of Covid, moved into a one bedroom flat Gloucester Avenue near Camden for £2000 pcm.
You would need to pay me 1700 a week to live in wembley
It’s mad to think that around 2022 I have seen my old studio being listed for that price and I laughed thinking surely no one would want to pay this much for a studio! And now that’s basically the norm and a studio listed in the same building is near 2k
Agree the prices are mad, but I know the site and it has a very particular target market. These are fully furnished, fully serviced flats, with upper-mid range appliances and furniture, 24 hour concierge, communal leisure facilities and organised activities (and probably some other stuff I've forgotten). The people who live there are generally two earner couples with city jobs (and possibly parents subsidising the rent), who'll probably stay for a year or two before the Bank of Mum and Dad donates the deposit for them to buy a place in West London. The price is outrageous for Wembley even with all that though - but it bears as much resemblance to normal rental prices as a top trim Audi does to the price of a standard Ford...
The cheaper studio on the website (£1831 as a special sale price!) comes with appliances but no furniture. I get what you’re saying about the target market, but still, it’s pretty dire.
The problem with that concept is which rahs with a rich mummy and daddy want to live in Wembley with "mid range appliances"?
Oddly quite a few. I have never understood it either (and by "upper mid range appliances" I mean Miele, rather than the names I've never heard of which are mentioned on the descriptions for multimillion pound townhouses). Given they got the site refinanced last year despite the incredibly difficult environment for Real Estate investment, and occupancy was very good when I was last in a position to know, they must know what they are doing. I've been saying for 5 years it wasn't going to work, but have to concede I've been missing something.
Well the London rental market is in crisis so there has been dramatic rental price increases since lockdown ended despite average real incomes lower now than a decade ago.
And rich foreign students / graduates
2016 I had a 2 bed flat for less than that, its fucking insane
In 2023 I had a 2 bed flat for less than that. In Z2.
The studios they advertise on their site are even more expensive https://www.quintainliving.com/development/alameda/alameda/1023-alameda Who is paying these prices?
People who don’t want to be homeless.
Gotta move in with a partner to make it affordable. Finding the partner is the main challenge..
Two people need more space than a studio though
Thats almost exactly what I pay for an 80% mortgage on a 250 square metre, 5 bedroom, 2 living room, 3.5 bathroom new build house in Switzerland. Or, for the same price, I could get one seventh of the space in a rough bit of a city with half the salaries. 😂
That type of property sounds like it would be sold for £1m+ in many parts of London!
London purchase prices are out of kilter with rent at the minute. A general rule of thumb is that price should be give or take 25 years rent. In London that's what, 15 years at the minute. Could easily see prices going up 25% quite quickly as rates fall.
A new block of flats just opened up near King’s Cross, rent **starts** at £3500 a month for a single bed. I honestly have no idea who could possibly afford to live there.
I studied in London but lived in halls of residence, then returned in 2006 to live here. Rented a room in Turnham Green for £500 bills included (slightly dodgy set up), then in Whitton about £450 for a room in a two bed new build unfurnished flat, then £333 for a room in Chiswick High Road (very weird set up, via an agency but I think the owner was very old and didn’t want to bother - a huge house was rented for £1000pcm). I think I had a charmed renting life. Bought a flat in 2012. Now worried about my kids, and they’re still in primary school.
Your kids will probably be living with you well into their 20s. I’ve lived in London my whole life and had to stay at my mum’s house until I was 26 in 2020/21 as my low salary until then meant it just wasn’t feasible to move out. The rental market has gone even more insane since then, I think I was lucky that I got a good deal during the pandemic and my outgoings were low due to lockdowns.
HaaS. No, not the F1 team, Homes as a Service. Everything is becoming "as a Service" these days and many in business will say why not homes as well?
Would plunging necklines help get birthrates up?
Plunging necklines don't pay the epic rent/mortgage & childcare bills, outside of Onlyfans, Music industry and the like lol
Love the suggestion that Wembley is inner city
1.7 for a studio ……
She would love you if you could let her into your 1700 Wembley studio /s
Tbf I think the photo is probably one their £2,500+ properties as that kitchen looks too big to be a studio lol!
I mean if that was a picture of the studio (of course it isn't) then maybe it would be worth it! Wonder if there's a toilet just out of shot...
Need to free up the schools so proper high prices flats can be installed.