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How Has Increasing House Quality Influenced Hpi

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Hi all,

I am interested to know how HPI over the past 10 years has been influenced by the dramatic increase in house quality - by this I mean double glazing, central heating, decor, new kitchens, new bathrooms, nicer flooring, block paved driveways etc etc etc etc.......

It seems to me that the lack of easy credit and lower wages in the 80's and early 90's stopped people doing up their pads, but as this changed in the mid 90's and beyond, the freely available cash allowed the vast majority of people to refurbish their houses to standards we wouldn't have seen before. Of course this theme was picked up by the TV companies with ever popular home and garden makeover programmes which brought home improvement to the masses and amplified the effect.

Is it the case that without home improvements to the level we now take as normal, house prices would not have risen to the level that they now are. Is it therefore the case that there cannot be a crash back to long term trend, as houses are now higher quality than at any time in the past. Therefore there is an inherent 'premium' being levied for increased quality?

I'm not a bull or a bear, but would like to understand whether there is any ecomonic basis behind increased product quality and how it influences prices.


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