Sunday, January 13, 2008
YEESSSS! Look at the sobering stats though – No more boom & bust eh Gordon?!?
House prices in Britain are the most over-inflated in the world and a fall in the value of homes is inevitable, leading economists have warned. The cost of property in this country has risen faster than in any other affluent nation, making it increasingly difficult for first-time buyers and young families to own a home, an international study has found. Property prices in Britain have risen for 13 successive years, and in the past decade the increase has been particularly steep. The price of an average home has risen from £70,000 when Labour came to power in 1997, to nearly £200,000 today. In the same period, the retail price index rose by only 30 per cent. An average home costs £156,000 in America, £149,000 in Germany and £141,000 in New Zealand.