Saturday, October 28, 2006
Quick! Last chance to get on the Titanic
The soaring cost of your home
Rocketing house prices have left the average British home costing 187% more than it did when the property market began its recovery a decade ago. The cost of homes in Britain has leapt by 187% since 1996. A new report by Halifax showed that the average UK house price has risen from £62,453 at the start of 1996 to £179,425 now – rising by 10.6% a year.
Posted by bufferbear @ 10:43 AM (545 views)
7 thoughts on “Quick! Last chance to get on the Titanic”
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bufferbear says:
Mods. Please delete the full stop in the title.
uncle chris says:
Eh! – How much are they paying their statisticians? Surely, rising from £62,453 to £179,425 is a 287% increase. I can’ believe Simon Lambert cannot understand percentages – no wonder this country is in such a financial mess.
Hazymemory says:
?!chris, late night?
£62,453 to £179,425 an increase of £116,972
£116,972 as a percentage of initial value £62,453… 187%.
£179,425 as percentage of initial value £62,453 yes 287% but not 287% increase.
Bob says:
A leap from 100% to 287% is a leap of 187%.
uncle chris says:
Hmmmm – suppose it’s all down to the wording. Increased to 287% of the 1996 value = 187% more than 1996 value. I’ll let him off this time 🙂 and retake maths o’level (sorry GCSE). In either case prices have nearly tripled, or should I say, houses are worth nearly 300% of what they were in 1996.
the bald man says:
Does this tell everyone something. We are at the top of an asset bubble.
Fcf says:
It would be interesting to find out how much rents have gone up in the same period.