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JoeDavola

'cheap' Northern Ireland - Earnings Vs Prices

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Thought this article was interesting, and on a property website nonetheless:

http://www.propertynews.com/blog/dream-homes/revealed-the-best-and-worst-places-to-live-in-northern-ireland/

The top area has average earnings of £20,246 vs average house price of £129,795.

So average house price of 6 and a half times earnings.

When you take mortgage interest into account, and I wonder if those average earnings are after tax/national insurance....what's that...10 years of toil for the average person to own an average house? (and a lot of houses around the average price are dumps that need a lot of work to keep them standing up).

It's funny when you look at an area where things are cheaper than alot of the uk and yet they still look far too expensive...

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It drives me mad when I comment on some housing article or other and a dozen people pop up to say things like 'but it's only a London problem' or 'just move out of London'.

Everywhere in the UK house prices are three times more expensive than they were in the 90s. The average price/earnings ratio has gone from 3.5x to over 7x.

Northern Ireland might look cheap if you're in South East England looking north, but it looks like people working locally are priced out anyway.

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More than 10 years' toil surely? If you overpay like mad on a 25 year mortgage, maybe 15 years' toil (given the av. salary is £20K gross in Northern Ireland). Also take into account the incredible jump in utility + petrol costs over the last 10 years too. Salaries are a joke these days.

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