Tuesday, Aug 25, 2009
Eight times salary multiple so still a long way to go
Johnston Press: 16 percent fall in North East house prices
The North East has had the largest fall in house prices in England in the past year, yet this has not eased the shortage of affordable housing according to a new report published today. House prices in the region fell 16 percent between June 2008 (£126,492) and June 2009 (£106,424), the sharpest decline in the country. Despite the market downturn, house prices in 2008 in the North East still cost nearly eight times average incomes (based on home address)
Posted by jack c @ 03:29 PM (478 views) Add Comment
1 Comment
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1. jack c said...
See also www.hartlepoolmail.co.uk/news/House-prices-tumble.5584577.jp
House prices tumble
THE average house price in Hartlepool is now just over £122,000 after the region suffered the largest fall in prices in England.
House prices fell by 16 per cent across North East England between June 2008 and June 2009, the sharpest decline in the country.
But the plummeting price fall has not eased the shortage of affordable housing, according to a new report. Figures show a house still costs more than six times the average income in Hartlepool which stands at £19, 521.
Produced by the National Housing Federation, the report shows how the downturn has increased the need for more affordable housing in the region.
Low incomes, poor job security, home repossessions and the continuing mortgage credit crunch mean the housing market is no more affordable or sustainable now than in the boom, despite dropping prices.