London Banter - View Single Post

Conor

In article ,
says...
Conor wrote:
In article , CastIron_881
@hotmail.com says...

But it is the question of affordability in relation to local wages
that is the cause for concern.

We have entire villages where the only locally born people there are
those who bought their homes decades ago and never moved. The rest
simply can't afford to buy. The sad fact is that the effect is also
spreading into the towns in East Yorks to the point that no locals
will be able to afford to buy.

Basic laws of supply and demand, I'm afraid. In large parts of the country
it's now the case that someone on average wages can't get on the property
ladder. But life goes on, somehow.

If only that were the reason. In fact, what is happening here is that
people living in the South East are selling up and moving up here to
retire because of the cheaper housing. The problem is that they
contribute so little to the local economy that the wages have remained
static whilst the house prices have shot up 100%. Even a couple on
decent wages for the area can no longer afford to buy a house on a 3
times multiplier of annual earnings.

--
Conor

"Cogito Eggo Sum" - "I think, therefore I am a waffle"