Which caught my eye this week.
For whenever I was aware of what was going on beyond my own digestive tract, London was booming.
From the 1980s, I took the late 1990s and the regeneration of Docklands, to the East End middle class, the Dotcom bubble, the 2012 London Olympics, and the immigration boom. pre-Brexit at both ends. of the labor market: London was where it was.
Of course, not everything was rosy. House prices have multiplied tenfold since I was there. It has long cost most of those who had no parental help or huge salaries. Many born in London left the city completely.
In addition, despite all the generation of wealth, some of the most disadvantaged areas of the UK are still in London. It is true that this has been reduced in recent years. But this is perhaps due both to gentrification and to the enriched premises.
In fact, while the London layout fits my hipster tastes for flat whites, peasant markets, and retro rhythms, I’m not sure it was all good news.
Something was lost. Now London is less of a village than when I came here from a real village in the provinces. Different neighborhoods mostly have the same shops, style and people.
Although I guess this happens everywhere.
The big smoke
Speaking of everywhere, some readers complain when I focus on London every year or three in an article.
This reflects a broader feeling: that London draws too much attention and that for a long time we had it too well in this city. (While ironic, most of those who complain about London’s riches also say they wouldn’t like to live here).
They feel harmed even though London has made a net contribution (through its trade surplus and redistribution) to the UK economy.
And, although London is really the only place in the UK with the condition of having gotten enough foreign capital and talent to make the dial a reality.
This regional resentment was one of the many motivations for the unfortunate vote to leave the EU in 2016.
Still, despite the strange protest, I will continue to point to London from time to time, as long as I am blogging.
London is my home, to begin with. (No one cares when Ermine walks through Somerset camp or Dave runs in the Highlands!)
Almost a third of visitors to Monevator they are also in London. The three closest web traffic rivals: Glasgow, Manchester and Birmingham, account for only about 2% each. In addition to the large amount of population, there is an adjustment between our content and the people of London that is definitely not exclusive, but it is quite natural.
London also makes a unique contribution to the UK economy. I sympathize with the view that it would be good if it were not so. But anyone who wants to change that is fighting a global trend. Or at least the pre-pandemic trend.
Personally, I think we should all be thankful that the UK has had (had?) One of the few world-class cities, even when the center of economic gravity moves to Asia.
Sun at home
Others will disagree. They will be encouraged by this heat map that shows that while the real estate market in England is on fire, London is not:
House prices in London remain very expensive, despite years of flat siding. So maybe they shouldn’t increase. But property is skyrocketing globally with low interest rates and the consequences of Covid, so something is happening.
It is probably too early to rule out the impact of self-harming Brexit in the UK in London from the aftermath of the pandemic.
Workers of foreign origin have returned home for two reasons. And many UK residents have moved out of the capital – or said they would like to – now that they don’t have enjoy the supposed golden life of a Londoner wrapped in a tube at 7am to pay for a flat on a bed above a train station.
I still haven’t decided if working from home in general (or at least not in the office) is a fad or the new normal.
The city of London remains “quite empty”. London workers generally want more pay to go back to the office. Only a minority is in a hurry:
With Covid-19 restrictions leaving many offices empty, white-collar staff have spent 16 months working primarily from home.
Only 17% say they actively want a full-time return to the office [research shows].
The City of London Corporation has already begun planning to redevelop excess office space in residential homes.
But when the big summer idea to make London a better place to visit and live was a £ 6 million mound of land, maybe more should be done.
We are wooded or we are Shaftebury-d
Overall, I’m a little more pessimistic than I came back to life in the office. (I mean pessimistic from an investment standpoint. I don’t think a five-day work week in an office is especially healthy!)
As a result, I sold some of the first post-pandemic investments I made in listed commercial real estate companies that owned generic office space.
But I covered my bets with a position at Shaftesbury PLC.
Shaftesbury owns parts of London’s West End: Soho, Covent Garden, Chinatown and Fitzrovia. I think I would need a lot more money than the depressed valuation of the firm if I wanted to recreate that asset base.
I also judge that with a focus on leisure and destination shopping and the arrival of the very late Crossrail connections, if these areas don’t bounce back in the next few years, everything has really changed.
Normally, everything does not change. Time will tell.
Are you betting on the future of London or the UK in general? Let us know in the comments below.
And have a great weekend!
Are there food boxes on the menu for fire finders? – Monevator
Vanguard LifeStrategy Fund: 10-Year Review – Monevator
From the archive-actor: How to enjoy life as a billionaire: Monevator
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Winchester is the least affordable place in the UK to buy a house … – Guardian
… while Derry in Northern Ireland is the most affordable: which
Vodafone will reintroduce roaming rates in Europe thanks to Brexit – Guardian
Energy bills will rise by an average of £ 139 a year when the limit is raised – ThisIsMoney
PayPal says a Persian mouse violates international sanctions – Guardian
The best players are looking for a financial game plan for life after sports [Search result] – FT
A world flooded in the capital: the big picture
Products and services
Natwest and RBS offer £ 1,000 prizes for regular savings accounts
Science-based playlists to help you work from home: Trello
Sign up for Free trade via my link and we can both get a free fee of between £ 3 and £ 200 – Freetrade
Coventry Building Society rewards loyal customers with a 0.65% 21-day notice account: ThisIsMoney
Address mismatches in databases can affect your credit score – Guardian
Five-year fixed-rate mortgages offered below 1% – Which
Sale of island houses, in pictures – Guardian
Comment and opinion
Diversifying your portfolio isn’t a tricky thing, but it works: Bloomberg
17 questions to ask before leaving work: Guardian
Magic beans: the refurbished corridor
Giving example: Humble Dollar
How to be poor and happy: Wellcome collection
“My wife didn’t know she had $ 450,000 in debt yesterday” [Podcast] – Ramit Sethi
A 100-year-old weekly review that led to the Great Crash – Roaring 20s
We will get it: The Escape Artist
Do short-term flows permanently affect stock prices? [Nerdy] – Albert Bridge Capital
Mini-special valuation of the American market
The U.S. stock market seems overvalued by many measures: a wealth of common sense
How much have U.S. investors benefited from the multiple expansion? – Morning Star
Naughty corner: active jokes
Forest investors see the wood of the trees [Search result] – FT
The war between algorithms – Donald MacKenzie
It is not worth creating a portfolio of stocks correlated with inflation: Factor Research
Credit and asset booms can bode well for financial busts – True
Greedy investors make markets more efficient [Research] – Joachim Klement
How the pandemic ends now: the Atlantic
Warning of Covid’s “disaster” in Japan when cases explode – Guardian
Kindle book deals
The man without money: a year of economic life by Mark Boyle: £ 0.99 on Kindle
Hired: six months in Britain with low wages of Blood Bloodworth: £ 0.99 on Kindle
Happy money by Honda: £ 0.99 on Kindle
You are a bad guy for making money by Jen Sincero: £ 0.99 on Kindle
The devastating new United Nations report on climate change – Vox – was explained
The flames burn in Med with more extreme weather forecasts: Guardian
The other epidemic: what kills wild salmon? – The vice
Animals count and use zero. How far does your numerical sense go? – Regarding
The world must cooperate to avoid a space collision … – Nature
… meanwhile, this asteroid is one of the most likely to hit Earth – National Geographic
Out of our rhythm
Hanging from a thread: Morgan Housel
Running at an optimal speed: Mr Stingy
According to the study, the maximum levels of metabolism at the age of 1 year and tanks after 60 years
The creative economy is in crisis: Li’s newsletter [hat tip Abnormal Returns]
“You and everyone you know will die soon. And in the short time between here and there, you have a limited amount of shit to give. Very few, in fact. And if you’re going to do shit with everything and everyone without thinking or consciously choosing, then you’re going to fuck. “
– Mark Manson, The subtle art of not getting shit
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