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Interesting Map Of The Uk

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I can't remember seeing this interesting map of regional house prices to income ratios being posted before but it is from a few months ago so apologies if it has.

http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

Some bits of East Anglia, the South-West and East London gone all the way from blue to red. Going to be some very sorry people soon.

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Some bits of East Anglia, the South-West and East London gone all the way from blue to red. Going to be some very sorry people soon.

Exactly.

Interestingly a lot of Norfolk went straight form blue to red due to the boom in second home ownership. The thing about second home ownership it is usually reserved for the very rich but due to perpetual HPI anyone can make a justification for second home ownership.

Given a 2 bed terraced "cottage" sells for £400,000 on the coast now it is just crazy.

http://www.rightmove.co.uk/viewdetails-149...=2&tr_t=buy

If you bought now you will be shelling out £2,200 in interest only mortgage payments (assuming £0 deposit for simplicity) and if you owned it out right then it would be costing you over £1600 in missed interest. It will be costing £26,000 a year excluding utility bills and council tax etc. It is just plane lunacy and these people will be screwed even if prices stalled for a year let alone fell.

Interesting times ahead!

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Coventry is still one of the least expensive places to live:) , with Nuneaton & Bedworth even better. As for Warwick and Stratford-on-Avon districts, they have always been expensive.

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So what happened between 1998 and 2006?

1. Labour Governement

2. Bank of England takes political control of interests away from politicians to control inflation.

3. Mass immigration.

4. Purchase of second homes rises but marginal effect?

The USA problem is over supply, the UK problem is under supply.

What else?

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Guest DissipatedYouthIsValuable
So why aren't people rioting in the streets?

Rioting is very passe.

Renting is much less energy consuming and allows time to consider where to emigrate to once we've eroded our debt obligations.

I like the feel of the South American Revolutionary spirit myself, and Spanish is not so difficult to learn.

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Nice find and good observation by yourself and Kagiso - Norfolk where I live is going to get hit very hard just like last time. Average wages here are some of the lowest in the UK at around £21K and yet a fishermans cottage on the north Norfolk coast is apperently worth £400k - that is the London effect of second home ownership that no doubt forces prices to these levels.

http://www.visitnorfolk.co.uk/norfolk/nnorfolk.htm

It's seems to be a desirable place to hang-out for the weekend if you're one of the super rich working in London and not attending Ascot or some other event for the priviledged few!. A second home is a luxury that only a very small percentage of people can afford - if the rich begin to struggle in the coming years then luxury will be the first to go, whether it's second homes, expensive cars, private schools or exotic foreign holidays. Prices will crash harder in these bubble blackspots as they are the Brighton's of this boom in coastal property, where fundamentals seem to be made from sand which is easily washed away.

As you mentioned in the last crash spots likes these took a serious hit as the rich had bitten off more than they could chew. I think this time the reason for the length and size of the boom in general and particularly in these hotspot is it has captured so many more people that would not normally have been able to afford (be allowed to borrow!) under even moderate traditional lending criteria. A much greater spectrum of society with access to the money could justify buying a £100,000 holiday home with them going up 15/20% a year, however I really do not know who could possible justify the property linked to early?

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Having grown up on a few different council estates in Abingdon and Oxford, I could never afford to buy in either town in any case even 20 years ago and as a single bloke the chances of getting a council flat were and still would be zilch. So they are less affordable, now. So what? They were never affordable in the first place. Oxford in particular will always be expensive because of the high demand for housing the student population. I now live an hour's train journey away in a city where houses only cost half as much :)

From this map, it looks like the best place to live in England is sunny Sunderland, where I did my degree. Middlesbrough looks a bit more affordable but I think that the Sunderland area is a better place to live.

No surprise about London and most of the south being so expensive as those areas have most of the new high tech employment and government research places. The post-industrial West Midlands generally gets forgotten about, but at least its possible to keep a roof over one's head here. Can't say I have any sympathy for those in the Home Counties.

Edited by peepingpom

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Having grown up on a few different council estates in Abingdon and Oxford, I could never afford to buy in either town in any case even 20 years ago and as a single bloke the chances of getting a council flat were and still would be zilch. So they are less affordable, now. So what? They were never affordable in the first place. Oxford in particular will always be expensive because of the high demand for housing the student population. I now live an hour's train journey away in a city where houses only cost half as much :)

From this map, it looks like the best place to live in England is sunny Sunderland, where I did my degree. Middlesbrough looks a bit more affordable but I think that the Sunderland area is a better place to live.

No surprise about London and most of the south being so expensive as those areas have most of the new high tech employment and government research places. The post-industrial West Midlands generally gets forgotten about, but at least its possible to keep a roof over one's head here. Can't say I have any sympathy for those in the Home Counties.

Wrong. In Cornwall in 1996 I could have bought a 5-bed house in 5 acres land, including indoor swimming pool and lots of outbuildings for £136,000. A few weeks ago the same house sold for £850,000. In 1996 entry level salaries (18 yr olds with good GCSE's) were IRO 8K. Now they're about 12K. Do the maths.

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Wrong. In Cornwall in 1996 I could have bought a 5-bed house in 5 acres land, including indoor swimming pool and lots of outbuildings for £136,000. A few weeks ago the same house sold for £850,000. In 1996 entry level salaries (18 yr olds with good GCSE's) were IRO 8K. Now they're about 12K. Do the maths.

I was referring to Oxfordshire, where I'm originally from , as never having been affordable, not to Cornwall.

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