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ONS: First-time buyer housing affordability in England and Wales: 2017

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New report from the ONS released 25 July 2018 (link)

Quote

Prospective first-time buyers could expect to spend 13 times their workplace-based annual earnings to purchase a property in London in 2017, compared with 5.5 times their earnings to purchase a property in the North East (the least and most affordable regions respectively).

1961824529_Figure2_Prospectivefirst-timebuyeraffordabilityratios.png.dac569d9ce0caead173a947891c4307a.png

Pretty striking how the 1999-2008 inflation looks when compared to the 2012-2017 inflation in London prices.

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No sooner had the Mortgage Market Review been introduced and prices took off for the outer moons of Alpha Centaurus. Slow handclap for Messrs Osborne and Carney. 

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So much for the 2008 crash.. hardly evident in graph above...

Evident jump in 2012 however in both London and NE...very different markets...which is interesting. I guess Funding for lending or other such cynical scheme to inflate prices...

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I challenge any old timer to look at that and then try to say with a straight face: 'it was just as difficult for us'.

Owning a home has even become markedly more of a challenge in the last few years, let alone decades.

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On Zoopla, if you look to rent a place, there is a lending calculator based on the rent. It is set on the maximum term: 35 years...

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23 hours ago, btd1981 said:

I challenge any old timer to look at that and then try to say with a straight face: 'it was just as difficult for us'.

Owning a home has even become markedly more of a challenge in the last few years, let alone decades.

The repercussions in London are pretty clear; the home ownership rate for the 25-34 age group has halved since 1990.

image.png.2af3f318fe2708b259f562faa35cf8f9.png

Source: HOUSING IN LONDON: 2018 The evidence base for the Mayor’s Housing Strategy

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7 minutes ago, Jurassic Bland said:

The repercussions in London are pretty clear; the home ownership rate for the 25-34 age group has halved since 1990.

Yup, and as those 30somethings move out of London with zero property wealth in their pockets they are turning Tory seats in SE England red:

Guardian: Watch out, Tories. Your southern strongholds are turning red

The ongoing collapse in homeownership in southern England will eventually threaten the continued existence of the Tory party and yet policywise they have been actively accelerating it. It's an interesting case study in how institutions die.

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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