I've been thinking of moving to London for the longest time. It's got all the conveniences and cultural sophistication of a metropolitan city whilst still being green. I'm not sure whether I could settle down there, but I would have to figure out where I do want to settle down eventually. I'm not really the sub-urban type, yet at the same time, I hate when cities are too crowded. I would never be able to live in Hong Kong, for instance. This is why London has always been quite appealing to me. It's got all the modern conveniences yet it's just energetic enough in that not-too-loud-yet-pretty-happening sort of way.
In order to really move to London, two things would have to occur. First, it would need to be a better career move for me. Secondly, the move would have to have a more positive impact on my finances.
I know socially it'll be a much better move. I think I've got more friends in London than I do in Belgium. It's good to have such an international social circle, but also partly the reason I blog so much. LOL.
Anyway, after doing some rough calculations, in order to maintain a similar lifestyle as I have now, I would need a six-figure expense account denominated in GBP every year. I spend nowhere near this amount right now, but this hyperinflation is due to the higher cost of living in London.
Moreover, judging from the salary structures in London, which is a highly competitive job market since there are just too many employees looking for jobs compared to the actual number of available jobs, we are looking at a major divergence between desire vs. what is actually achievable.
In my research, I've found some interesting articles about London:
UK House Prices... some more sticker shock here, but I would totally get riverfront property in London if I did have the money, especially with a favourable GBP/USD exchange rate... Perhaps right at the height of the global financial crisis would have been perfect timing, but who would have been brave enough to buy then? If you have the money, playing it right would mean buying GBP/USD at a good rate and then buying the property. Or if you're really good at trading GBP/USD, pocketing your forex profits and then going ahead and buying the property. On property that costs 483,177 GBP the USD difference could be a good six figures. If you were long GBP/USD at 1.4 and got out at 1.65 on the same 483,177 GBP position, you'd be +120,794.3 USD. That's already a good 17.8% gain on your original $676,447.80 investment. Interesting but risky trade, but I'm sure the Guys of London are doing this all the time! The opportunity might still be viable, so there might still be time to act on this proposition after you do your own homework. I would advise to also look into property taxes and other legalities.
Taxation in the UK... This has me ready to scream "No taxation without representation!" Remember if you think US policies are increasingly socialist, they are much more socialist in European countries.
Mainly for fun, I'm also now trying to find out the male to female ratio in London. If there are more females (i.e. competition) than males in London, then it definitely doesn't make sense for me to move to London. Then, there's always the question of quality vs. quantity. LOL.
Right now, I still want what I've got, so I have to be grateful as well.
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