Monday, May 7, 2012

Figures show average house prices in some hamlets are almost 11 times people’s income.

Britain's prettiest villages becoming 'rich people’s ghettoes'

According to Mark Squires, the local headmaster, none of the parents of the 39 pupils at the village school or any of the teachers is able to afford to buy a home in the catchment area.

Posted by mapp1066 @ 08:38 AM (1700 views)
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6 thoughts on “Figures show average house prices in some hamlets are almost 11 times people’s income.

  • mark wadsworth says:

    Better not build any more then, there’d be far too much pressure on local services.

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  • letthemfall says:

    England drifts towards becoming a country like Brazil – a few rich communities and the poor majority living in shanty towns. Only here it is the nice old rural housing, empty all week on the one hand, and on the other, the historical residents either packed in with relatives or displaced to some urban dump; or, where building is allowed, in some ugly little estate outside the village (places in Cornwall for example).

    Instead of heavy taxation on second homes and using this to fund decent new building, the wealthy behave like robber barons, stifling any attempt to deal with the problem. I don’t expect to see anything change – too anti-business and anti-entrepreneurship.

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  • The problem is most acute in the South West of England where the most recent figures show that house prices in rural areas are almost eight times what people earn.

    By contrast, in the neighbouring towns the ratio is just over six to one, figures provided for the commission show.

    Six to one is still a horrendous level. If we accept that as the new ‘normal’ then the average person entering the work force will have to pledge a pretty big chunk of their lifetime wages to banks as mortgage interest.

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  • @MW
    Building wherever prices are high is not the solution to a credit bubble. Look what happened in Ireland. I much prefer your LVT inclinations to your ‘predict and provide’ ones.
    N

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  • Funny how not a single poster on the Torygraph decries the role of the over-leveraged, liar-loan, deregulated, usurious, politician-owning financial sector in bringing about this outcome. Instead they prefer to blame immigration! Be it from abroad (no more darkies thanks) or from other areas of the UK!
    N

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  • mark wadsworth says:

    NickB, yes of course, allow more new builds is very much a second best solution, like building more social housing, or being much stricter about bank lending, or rent controls and so on. The only real solution is shifting to LVT (or Domestic Rates, or more Council Tax bands etc) because this helps solve a lot of other problems.

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