Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Essex: Cheapest 25% Of Homes Now 5.3 Times Income

Recommended Posts

http://www.guardian-series.co.uk/news/eppi...able_houses.php

Unaffordable houses

By David Jackman

NEW research from the National Housing Federation, the trade body for housing associations, shows house prices have risen to 8.04 times local income within Essex, with the Epping Forest figure rising 9.3 times.
The figures are based on official government statistics on house prices from the Land Registry and the latest New Earnings survey..../
Even lower quartile prices - the cheapest 25 per cent of all homes in the market - are more than 5.3 times the average income.
A household in Essex, using a standard mortgage, now needs an income of £57,503.

Madness, sheer untter madness. :lol:

Share this post


Link to post
Share on other sites

"This can obviously cause a serious problem for the economic future of the region. 'Without a good supply of housing at prices and rents that people can afford to pay, it's very difficult for companies to recruit and retain staff and stay competitive'"

HPI is slowly throttling the economy in so many ways. And yet all the time, we smile benignly dreaming of riches as the hands slowly tighten around our necks.

yes, I am having a rotten day :angry:

Share this post


Link to post
Share on other sites

Even lower quartile prices - the cheapest 25 per cent of all homes in the market - are more than 5.3 times the average income.

Surely, that must be incorrect!??

For the last few weeks all the media, press and BBC have been refering to the latest worrying Nationwide figures that houseprices have leapt to a record 3.2x average income

It must be true - it was on BBC Breakfast

Edited by jp1

Share this post


Link to post
Share on other sites

Hahahahahaha, halelujah.

NHF, you morons - the penny has dropped that shared ownership is no more affordable with rent costs piled on top of a part-loan as buying outright on some absurd mortgage multiple - welcome to real world and bankruptcy for your members when the work dries up who no doubt have swallowed all the bull over the last few years and hung enough debt around their neck to throttle themselves as well as the rest of the economy.

Share this post


Link to post
Share on other sites

Surely, that must be incorrect!??

For the last few weeks all the media, press and BBC have been refering to the latest worrying Nationwide figures that houseprices have leapt to a record 3.2x average income

It must be true - it was on BBC Breakfast

At a guess :

Nationwide count people who have bought houses only (the rich ones) to get 3.2x income - this is 3.2x'Average FTB who has actually managed to afford it' income

The other one is a real figure for local people and average salaries

Is that it ? Otherwise maybe just regional variation (Nationwide is just that, the other one is Epping only)

Share this post


Link to post
Share on other sites

Are the figures based on salaries of people living in Essex or working in Essex. If it's the latter then this could be very misleading as many people living in Essex are probably on City of London salaries which would reduce the multiple somewhat

Share this post


Link to post
Share on other sites

Not sure about the PE ratio for Nationwide, but Halifax use the MEAN salary of full time employed males who have been in their job for over 12months.

Then then compare this to their average house price. But this is flawed, as the Halifax house prices is not the mean, whereas the Land Reg is the mean house price -and the halifax HP price is considerably less.

All spin i'm afraid...

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.