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Mr Average Would Pay Over 80% Income To Bank.

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Can someone explain this, the average house price in Chelsea is £550K but looking at http://news.bbc.co.uk/1/hi/business/4319239.stm Mr Average in Chelsea earns £1222 gross a week;

The sums don’t add up.

Repayment mortgage of 550K at 5.5% = £3377.00 per month, income after tax = £3300.00, that’s 102% of Mr Average’s income just on a mortgage.

Looking at the bottom end of the spectrum, the lowest average wage in the UK is in Berwick upon Tweed in the North East is £302 gross a week.

Here the average property is £130K.

Repayment mortgage of 1300K at 5.5% = £798.00 per month, income after tax = £ 900, that’s 89% of Mr Average’s income just on a mortgage here too.

Is it no coincidence that both Banks and Building Societies have report record profits this year.

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average wages in leyland NW, are low. £14-16k.

you cant find a house for less than 90k.

result = no one moves or does anything for the next 5-10 years.

these houses were 34k-60k etc not two years ago.

whats going on ? :angry:

£120k for this ex council house near me. Just across the road from Wade Hall, one of the worst estates in Leyland, were all the chavs and druggies live and you cant swing a cat round them or leave a decent car outside the front door.


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Those will be tumbling in price soon.

Although in the coming crash I expect some place to keep their price better than others, its these sh1th0le properties which aren't worth 10p that will be hit the worst.

Some of these place that are being advertised for £120K today, you'd have to pay me £120K a year to live there rather than rent where I do now. :):)

Its all more evidence of whats coming next. :huh:

Most of my parents friends who I know would have no hope of buying the houses they live in now at the current price, even though they are at relatively late stages in their careers (taking into account high wage inflation of the last decades).... what more evidence do you need.

Either prices plummet by quite a lot, or the market will stagnate permanently.

Which is the most likely?

Answers on a postcard to Mr Wriggleysh1t, Hometrack PLC. :lol::lol::lol:

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Can someone explain this, the average house price in Chelsea is £550K

The sums don’t add up.

Chelsea pensioners bringing down the average income. Shedloads of City types earning big 6 figures. Oh and a certain Russian perhaps...

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  • 439 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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