Monday, Feb 01, 2010
Examining the link between planning restrictions and house prices
Demographia: 6th Annual Demographia International Housing Affordability Survey 2010 [PDF]
Looking at the UK alone: LEAST affordable by house-price-to-earnings ratio are: Bournemouth (8.1), London (7.1), Plymouth & Devon (6.4), Swindon (6.3), Bristol-Bath (6.1), Telford (6.1), Warwickshire (6.1). MOST affordable are: Middlesborough (4.4), Sheffield (4.5), Dundee (4.6), Hull (4.6), Manchester (4.6).
In Sydney, Australia, the land component of house prices has risen from 30% to 70% in the last ten years. In Sydney, 57.4% of gross (pre-tax) income goes on mortgage costs; whereas in Dallas-Fort Worth, only 13.4% of income goes on mortgages.
Posted by drewster @ 08:45 PM (507 views) Add Comment
5 Comments
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1. enuii said...
Well worth a look at the figures underpinning the article on pages 31-44 especially if you are thinking of fleeing to Oz.
I won't expand further because the tables speak for themselves.
2. jack c said...
Most affordable Middlesborough (4.4) - if you ever visit you will understand why, most people wouldnt live in South Bank or Grangetown for free !
3. drewster said...
jack c - Same goes for the cheaper U.S. cities. Detroit is dirt cheap for a reason - parts of it are a ghost town of abandoned properties as people leave in search of jobs.
It's disgraceful though that even in Middlesborough a house costs 4.4x pre-tax earnings.
Shame they didn't include continental European countries in the index. Would be nice to see where Germany ended up in the list.
4. will said...
Great post drewster.
The UK appears to be the only market yet to have its crash.
5. mick rupert said...
@4 Drewster
No, if you read the article you'll see that Australia is yet to have any drops... counternanced by this article:
http://www.marketoracle.co.uk/Article16958.html