MarjorieR on Nostr: nprofile1q…s60lz using average house price to average income is a very crude metric ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqg0tuf634rz4suczwj7kgnecr6cyt0eu9xmp3sp0fku68mqehq4msas60lz (nprofile…60lz) using average house price to average income is a very crude metric akin to BMI for health although it is something in folk memory and we can relate to it: I can remember when we first got on the housing mortgage ladder in the 1970's when the multiple was 3.
Now we have an even more skewed income distribution and some (but obviously not all) of us older folk are now living in retirement with our mortgages paid off in houses that are 12 or more times our current income. I expect many of us, not just retirees, are living in houses we could not afford if we were just starting out on purchase.
What needs teasing out is the affordability of starter properties for those who would ideally like to buy them and get off the rental trap.
And more realistically instead of asking developers to build houses at a slight discount that then count as affordable we need to invest in social housing.for those who will never to able to afford even discounted 'affordable' housing - or private renting - and are currently being turfed out to be temporarily housed by our impoverished local councils.
Given the continuing lack of trained buiding workers and building supplies that probably means that would have to come out of the capacity that is currently being used to build for those for those already well up the ladder ("executive properties").
Now we have an even more skewed income distribution and some (but obviously not all) of us older folk are now living in retirement with our mortgages paid off in houses that are 12 or more times our current income. I expect many of us, not just retirees, are living in houses we could not afford if we were just starting out on purchase.
What needs teasing out is the affordability of starter properties for those who would ideally like to buy them and get off the rental trap.
And more realistically instead of asking developers to build houses at a slight discount that then count as affordable we need to invest in social housing.for those who will never to able to afford even discounted 'affordable' housing - or private renting - and are currently being turfed out to be temporarily housed by our impoverished local councils.
Given the continuing lack of trained buiding workers and building supplies that probably means that would have to come out of the capacity that is currently being used to build for those for those already well up the ladder ("executive properties").