City homes are less affordable (From Oxford Mail)
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City homes are less affordable
9:30am Monday 31st December 2012 in Oxford
Oxford has been named the second least affordable district for first-time buyers in the UK.
It came second only to Camden in London, which has an average house price to earnings ratio of 9.02, according to research by the Halifax.
The study found Oxford had an average house price to earnings ratio of 7.93.
Also in the top five were London boroughs Brent, at 7.90, Harrow, at 7.89 and Hackney, at 7.72.
Martin Ellis, housing economist at Halifax, said: “The number of first-time buyers has risen to a five-year high, boosted by the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years.
“However, many have problems raising the deposit and concerns over the economic climate.”
The most affordable district for first time buyers was found to be Stirling, in Scotland, with an average house price to earnings ratio of 2.57.
Comments(4)
oafie
says...
2:07pm Mon 31 Dec 12
Perhaps it is time for Fair Rents and appropriate legislation and to eliminate greedy landlords and agents..ie NOPs who are prepared to rent out substandard tiny properties and who are given vast free publicity by Oxford Mail.
Andrew:Oxford
says...
5:42pm Mon 31 Dec 12
oafie wrote:So you think it would be better if people were willing to accept less for their home than people are willing to pay?
That is not the only reason by any means, perhaps those wishing to sell their properties for vast profits need to get realistic about their prices.
Perhaps it is time for Fair Rents and appropriate legislation and to eliminate greedy landlords and agents..ie NOPs who are prepared to rent out substandard tiny properties and who are given vast free publicity by Oxford Mail.
Myron Blatz
says...
11:21pm Tue 1 Jan 13
Andrew:Oxford says...
12:13pm Mon 31 Dec 12