The RICS Residential Survey for October suggests that property prices will continue to rise due to a shortage of supply.
Simon Rubinsohn, RICS chief economist said “If the five-year projections from members regarding the outlook for both prices and rents are anything to go by, property is set to become even more unaffordable going forward making the government’s focus of boosting the delivery of new homes absolutely critical.”
If London prices and rents continue to rise people may be forced to move further outside London, that’s obvious. But what about the people who would struggle to be happy with a move to the suburbs, people who are only happy when living near the hustle and bustle of a busy city.
When Birmingham and Manchester just aren’t a real option, then maybe they should think outside the box, and by box I mean country.
Last weekend I went to Copenhagen, a wonderful city, and one I would put forward as a place I would want to live.
Scandinavia in general has long been lauded for its progressive policies, and Denmark is often at the forefront of this, consistently being voted the worlds happiest nation. Unfortunately they also pay high levels of tax and it’s dark most of the year.
Denmark has quite a progressive attitude to property with many cooperative housing schemes. Cooperatives are properties that form part of a larger residential community. You pay a monthly fee into that community. Essentially they create a cross between rental and owning your own home.
Through these schemes you can find a well-maintained two bedroom apartment in the centre of Copenhagen for £150,000. When you compare that to the average price of a London house (which has now passed £460,000), living in london makes less and less sense.
I do hope the housing crisis improves in London, but should it worsen, and London is no longer an option, Copenhagen may just be my next port to call home.
Adam HoranAuthor: Woolley