House prices, Living Standards and Separating in London

Londoners are considered to enjoy to most affluent living standards in the UK. With salaries above the national average and house prices considered to be out of reach of those not already on the London property ladder, might be less fraught.

The reality however can be far from that. London house prices are out of kilter with the rest of the UK. The Evening Standard reported recently house price increases of 18.8 per cent in the last year and that is on prices already massively higher than anywhere else in the country. When a couple is considering what to do with their family home and where they can both live if they split up, ever rising house prices make it difficult for them just to agree a valuation. What may be accurate at the start of their separation can within a matter of months have changed out of all recognition if the market has risen madly.

london house

London Focus Mediators are aware of the particular difficulties facing London couples and will help both parties throughout their mediation face the tricky issues specifically relating to living in London.

It is of note that whilst house prices are higher than anywhere else in the UK the Evening Standard goes on to report there is an increasing crunch on London family budgets.

“The fall in average London pay is likely to be caused partly by smaller City bonuses, and cuts in the number of relatively well paid managers in the public sector.”

November 2014 figures suggested the era of falling real wages since the banking crisis may finally be ending, with pay just starting to outpace inflation.  But today Matthew Whittaker, chief economist at the Resolution Foundation think tank, said that in real terms wages were at the same level as in 2000.

“Today’s bleak figures contrast with signs last week that the UK’s six-year pay squeeze was coming to an end,” he added.  “While the [new] data relates to April — a period in which we already knew pay was falling— the depth of decline highlights just how tentative any recent recovery remains.”

Faced with these economic peculiarities, It is key to work with a mediator in touch with the problems facing Londoners. The process of mediation allows such issues to be flagged up at the outset and dealt with in a controlled and professional way, helping separating couples to set their agenda and deal with the particular issues affecting them and their family.

For more information or to contact us CLICK HERE

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