Oxford MailCity homes are less affordable (From Oxford Mail)

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City homes are less affordable

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.

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12:13pm Mon 31 Dec 12

Andrew:Oxford says...

Well, if you artificially reduce the number of new homes available to buyers to 40% by allocating 60% to social housing - it automatically increases price in line with demand.
Well, if you artificially reduce the number of new homes available to buyers to 40% by allocating 60% to social housing - it automatically increases price in line with demand. Andrew:Oxford
  • Score: 0

2:07pm Mon 31 Dec 12

oafie says...

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.
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. oafie
  • Score: 0

5:42pm Mon 31 Dec 12

Andrew:Oxford says...

oafie wrote:
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.
So you think it would be better if people were willing to accept less for their home than people are willing to pay?
[quote][p][bold]oafie[/bold] wrote: 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.[/p][/quote]So you think it would be better if people were willing to accept less for their home than people are willing to pay? Andrew:Oxford
  • Score: 0

11:21pm Tue 1 Jan 13

Myron Blatz says...

First Time Buyers are not only up against local councils (such as Oxford City Council) trying to impose affordable or 'social' housing levels on new developments (and so 'squeezing the market) but also those who buy property as investments as opposed to buying a home to live in, and the highly lucrative buy-to-rent business sector - for both the student and non-student markets around Oxford. As for 'greedy' property developers? They aren't usually known to be in business for philanthropic reasons, but to maximise returns on their investments. Nor can I see any government 'capping' house prices (Labour didn't, in its 13 year reign) to stop people and businesses using housing on the investment roulette wheel of fortune. So, unless someone out there can identify and make available lots of cheap, flood-free land, then I'm not sure how the problem can easily be resolved.
First Time Buyers are not only up against local councils (such as Oxford City Council) trying to impose affordable or 'social' housing levels on new developments (and so 'squeezing the market) but also those who buy property as investments as opposed to buying a home to live in, and the highly lucrative buy-to-rent business sector - for both the student and non-student markets around Oxford. As for 'greedy' property developers? They aren't usually known to be in business for philanthropic reasons, but to maximise returns on their investments. Nor can I see any government 'capping' house prices (Labour didn't, in its 13 year reign) to stop people and businesses using housing on the investment roulette wheel of fortune. So, unless someone out there can identify and make available lots of cheap, flood-free land, then I'm not sure how the problem can easily be resolved. Myron Blatz
  • Score: 0

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