Neffa, justt found where I got my figures from - got to say I always trust the beeb!!Neffa:
OK - just checked on this - the UK's average house price in Jan reported by Nationwide (largest UK Building Society) was £158K. Your earnings figure is roughly right - it is about £23K so that makes the ratio 6.9. Source: UK CSO and the Nationwide data is at [broken link removed]
Neffa said:Just saw this
Ms Dara Deering, head of mortgages at EBS Building, told The Evening Echo: “There is a high level of confidence among property investors.”
Neffa said:I'll need to look into the wage comparisons a bit further and find the data.
On areas, I agree it is very hard to do a comparison but Fulham and Chiswick are very accessible, family oriented redbrick areas with good schools. They are further away from the centre (30-40 mins by tube) than Ranelagh is, but London's centre is so much bigger that you cannot use geographic distance as a simple comparison. The nearest (nice) residential areas are always 30 mins at least from the centre in London.
I think what you can do is say "how much does a comparably sized home cost in a sought-after area with similar demographics" and that is what I based my analysis on.
sandycove said:Neffa,
I don't think that you are drawing a fair comparison. A friend of mine recently bought 3500sq ft house in Ranelagh for €2.8million in Ranelagh. His sister purchased a 2200sq ft house in Earls Court 8 years ago for £1.5 million. Relative to the overall size of the cities, Ranelagh and Earls Court are equidistant from the centre of the city.
sandycove said:Neffa,
I don't think that you are drawing a fair comparison. A friend of mine recently bought 3500sq ft house in Ranelagh for €2.8million in Ranelagh. His sister purchased a 2200sq ft house in Earls Court 8 years ago for £1.5 million. Relative to the overall size of the cities, Ranelagh and Earls Court are equidistant from the centre of the city.
extopia said:Well if doctors can't afford to buy houses then property is definitely overvalued. Case closed!
extopia said:Well if doctors can't afford to buy houses then property is definitely overvalued. Case closed!
Supernormal profits mean supernormal bonuses!!they know that the bubble is unsustainable and that their super normal profits
beattie said:If the government was serious about tackling this issue they could do two immediate things which would lead to a more socially cohesive situation.
A) Introduce taxes with respect to land hoarding in areas which have been zoned residential, that would increae supply.
beattie said:B) Reintroduce the extra stamp duty taxes on investors that were present for a year about 4-5 five years ago.
I used georgian houses as an example. Go to London and look at the vitorian estates. Some are close to a complete split in every house. IT just happens to be house stock in the location. This isn't so much a theory as a reality happening now. 7 on my road alone from a house built in the 50s. Are big property build prior to the current was the 70-80s and these houses are being changed . All the corner sites are being used, back gardens are being built on. Georgian houses are hugely different but that isn't the point the point is people didn't think there way of life would change so radically.newbie said:I am going to try to dip my toe in this very heated debate..... firstly Loki your suggesion that 3 bed semi D's will be divided into 2 or more independent units is hard to see. If you are drawing a parallel between these and for example Georgian Houses, I believe these to be fundamentally different for too many reasons...such as structurely and with mordern building regulations/standards. But I do understand your arguments with regards to the changing social issues, but they are also based on on a non-responsive govermental policy.
gearoidmm said:Intereesting article in one of the Sunday papers yesterday (sorry, can't remember which one) saying that AIB are beginning to be concerned that perhaps their loose lending practices may have contributed to the rise in property prices and that it may be unsustainable!
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