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Realistbear

The Few Ftbs Who Are Getting On Ladder

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http://new.eveningnews24.co.uk/content/new...3A13%3A30%3A577

House price boom traps young buyers

HUGH BOWRING

07 February 2006 12:20

Soaring house prices in Norwich are stopping first-time buyers from getting on to the property ladder, while hundreds of those who do are getting their homes repossessed because they cannot afford the mortgage repayments.
According to latest figures, the average house price in the county rose to £166,051 last year, which is more than
eight and half times the average salary
of £19,512.
The situation is only marginally better in Norwich where the average salary of £19,796 is just under eight times less than the average cost of a property, £153,227.
But while many wannabe first-time buyers are being priced out of the market,
increasing numbers of homeowners are having their homes repossessed.
The Department for Constitutional Affairs has revealed 202 repossession orders were served on homes in Norwich alone last year —
more than double the figure in 2004
.
This high increase is mirrored in Norfolk as a whole, where the number of repossessions has risen from 163 to 328 over the same period

HPC 2006.

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"eight and half times the average salary"? that's nothing...

http://www.southlakeland.gov.uk/main.asp?page=1372

"The district has some of the lowest wage rates in the country with average earnings of £16,600 per year."

"The average property price has more than doubled in the last five years; £209,925 in 2004 compared to £86,000 five years ago."

So 209,925 / 16,600 = 12.6 times salary

... and you thought you had it bad.

Even five years ago these poor sods had to find over 5 times their salary and thats ignoring wage inflation!

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The thing is, RealistBear, prices here haven't risen in 2005 at all. The Halifax reported a drop of 4% for Norfolk and Nationwide reports a drop of 0.6% (and a drop of 6.1% in Norwich!). Unadjusted, of course...

I tried emailing the editor of the EDP (the Evening News' sister paper) setting out the above facts but have still yet to get a response (see my post here). I'm not at all surprised. As I've got the email address of the reporter who wrote the article above I might fire off a similar one as a "follow-up" idea to his front page horror story...

On a slight tangent I thought I'd run those repossession figures against data filched from www.houseprices.co.uk and was interested to see that the Norwich's 2005 repossession rate represents almost 10% of all central Norwich's purchases made that year (postcode range NR1-NR4 - perhaps I should widen that out to around NR7) and Norfolk's repossession rate represents over 5% of all purchases made under a NR postcode.

Also, has any fellow Norwich HPC-ers noticed the sudden presence of "Choices Acquisitions" on www.propertyfinder.com - currently listing 20 auctions for the Norwich area? <_< It could be one to watch...

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http://new.eveningnews24.co.uk/content/new...3A13%3A30%3A577

House price boom traps young buyers

HUGH BOWRING

07 February 2006 12:20

Soaring house prices in Norwich are stopping first-time buyers from getting on to the property ladder, while hundreds of those who do are getting their homes repossessed because they cannot afford the mortgage repayments.
According to latest figures, the average house price in the county rose to £166,051 last year, which is more than
eight and half times the average salary
of £19,512.
The situation is only marginally better in Norwich where the average salary of £19,796 is just under eight times less than the average cost of a property, £153,227.
But while many wannabe first-time buyers are being priced out of the market,
increasing numbers of homeowners are having their homes repossessed.
The Department for Constitutional Affairs has revealed 202 repossession orders were served on homes in Norwich alone last year —
more than double the figure in 2004
.
This high increase is mirrored in Norfolk as a whole, where the number of repossessions has risen from 163 to 328 over the same period

HPC 2006.

All so predictable!

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  • 301 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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