Culture

House Prices And People’s Incomes

by liamssoft | May 10, 2007 at 03:35 pm

2191 views | 12 Recommendations | 6 comments

Its almost like a devaluation of the pound. A few years ago 3 times your average earnings would amount to the property price. In London you will now be looking at 10 times average earnings for a one bedroom flat in W1.

One of the unplanned but most intractable legacies of the Blair decade is the distortion of any normal or sustainable relation between house prices and people’s incomes. If that link is not already broken it is certainly stretched to the limit.

For further reading; Source: business.timesonline.co.uk

For further reading on the History of Fizrovia please read the following Wiki article; Fitzrovia

For further reading on Robert Adam please read the following Wiki article; Robert Adam

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Brian A Kennedy

flagged this story as Good Stuff

at 03:36 on May 11th, 2007

lWow, and I thought that as a New Yorker I had it bad...thanks for posting this.

CARLOS62

flagged this story as Good Stuff

at 07:41 on May 13th, 2007

I live on a very low income.

That is why I could relate to this story Whole Heartedly and I decided that the story is GOOD STUFF.

I earn £500 LESS than I did 3 years ago ? and yet I do longer hours for the same firm.

They recently knocked down one bungalow in our village that was worth about £75,000 and in its place they have built two 2 bedroom houses and they are now selling for £300,000 each ?

How crazy is that !! ... I think it is more a case of GREED rather than NEED these days.

Brian A Kennedy

at 06:27 on May 15th, 2007

Here's a good overview of the real estate boom in cities around the world. What ticks me off is how so many news articles portray this as a good thing...

atomipommi

at 05:30 on May 20th, 2007

They say that inflation is low today but it isn't as your purchasing power is being killed just in a different way! It's super inflation on asset prices!