Wednesday, December 06, 2006
HOUSE PRICES :-(
I find it depressingly interesting to look at the housing market these days. It is fine for people like me who are already on the property ladder but I am struck by the vast difference between the increase in salaries and the increase in house prices since I bought my first flat in 1993. Then André and I bought a one bedroom flat in the West End of Glasgow in Havelock street. Although we bought it together, I could have bought it alone as the selling price of £45000 was more or less exactly what the bank was willing to lend me in a mortgage at that time. I was looking at the GSPC just now and a flat exactly the same as mine in Havelock street is now on the market for 'offers over £110000'. Anyone who knows the West End knows that means it will go for approximately £143000. Working fulltime the maximum I would now be lent is around £87000. So in just 13 years single publishing editors have been completely priced out of a housing market that was easily within their reach just a few years ago. I wonder if my kids will be able to leave home ever if this pattern continues?