Friday, 24 December 2010

UK House Prices - Property prices in Cornwall are up 169 percent

It is just another case of UK house prices being bid up by outsiders. People from the South West often complain that wealthy outsiders, especially from London, come into the area and bid up the property prices. The consequences are stark for low and middle income families who can no longer afford to own a house in their own neighbourhoods.

House price data from Cornwall seem to support the accusation.  Since 2000, house prices in Cornwall have increased by 169 percent, far outstripping local incomes. Prices came down slightly with post-financial crisis correction.  However, prices began to rise again in 2010.

Personally, I think Londoners should only buy houses in London. If they want to go there for a holiday, then they should stay in a bed and breakfast.  Leave Cornwal alone.


Anonymous said...

Loving all your graphs that showed you were completely wrong about the housing "bubble" bursting and a vicious price crash ensuing.

Alice Cook said...

Anon 03:14

I am happy if you are happy.

Yes, it is true, the house price crash hasn't yet played out quite as I had hoped. Prices are down in nominal terms by around 10 percent, inflation is slowly eating away at the real value of housing, and unemployment has risen to 8 percent. Meanwhile, the government is piling on debt at a frightening rate, the UK pension system - both public and private - is stuffed, and our banking system is basically disfunctional.

How could I have been so wrong?


Stevie b. said...

"Personally, I think Londoners should only buy houses in London"

I assume you jest....

Marchamont said...

Don't seem to be too many "Londoners" left in London nowadays.

You were wrong Alice, as was I because the market is rigged.

Housing benefit underpins it, interest rates are kept deliberately low and mass immigration has led to very scary birth rates among women of Sourh Asian origin (source ONS).

Plus there's an endless stream of propoganda masquerading as light entertainment - buy a house at auction without even having viewed it, ignore the cracks, paint it magnolia, lay cheap wood flooring and bank 20k profit.

A couple of those factors will be changing in the New Year, so Cam will have a real challenge keeping the market stable.

Laban said...

It's white flight - as I've noted before, the English are moving South and West. Mass immigration is doing to Wales (via displaced English) what the Saxons and Normans failed to do.

Elby the Beserk said...

One might note that Labour have made a terrible fuss because some housing benefit recipients may lose their city residencies, yet never would they raise a gripe about the fact that so many rural young people never have any chance of buying a property where they were raised.

Gross hypocrisy.

Tristan said...

It would be interesting to see the figures for living costs and average wages over the same period of time as well.

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