Wednesday, May 14, 2014
“combination of soaring house prices/falling real wages is making home ownership an ever more….”
Property Boom Leaves Many Unable To Buy
The proportion of English and Welsh homes selling for over £1m has more than doubled during the Great Recession, in the latest evidence of the property market boom. In London a record 7% of all home sales listed by the Land Registry in the year to March were for £1m or more - a sharp increase from the 3% level when Britain slid into recession in 2008. Overall, the number of homes sold for £1m or more over the past year has surpassed 10,000 for the first time - with just over 11,000 £1m sales in the year to March.
Posted by jack c @ 09:36 AM (2022 views)
4 thoughts on ““combination of soaring house prices/falling real wages is making home ownership an ever more….””
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khards says:
It’s all those savvy investors who were piling in back in 2006/8.
If these millionaires were ‘smart’ then you would expect to see a rise in million pound transactions during the slump, not during boom periods when they are getting much less for their money.
hpwatcher says:
If these millionaires were ‘smart’ then you would expect to see a rise in million pound transactions during the slump, not during boom periods when they are getting much less for their money.
Quite. Only the dumb money buys in a boom – and that’s what we have.
jack c says:
Alternatively these people might have thought that ploughing money into property was simply a safe haven or potentially the safest option at the height of the crisis. It is after all tangible/immovable/visible.
hpwatcher says:
Alternatively these people might have thought that ploughing money into property was simply a safe haven or potentially the safest option at the height of the crisis. It is after all tangible/immovable/visible.
Depends on whether they see what they are doing as making an investment or buying somewhere to live. The fact is that prices are now at an all time high, much more so than 2007. The risks are therefore much greater and the rewards less.
Like in the US in 2007, it seems to be centering around housing……