UK house prices seem far to high to me. Nestoria lists the average price of a one bedroom flat in Hackney in June 2010 was £226,000.
That’s ludicrous! Consider a working couple starting out. Maybe the guy is a bus driver and the girl works in a super market. How much would that bring in? I would have thought £30,000 tops. If a mortage lender would lends three times your salary that would make £90,000. How are they to get on the property ladder? The rental prices are high too so they’re stuffed.
The word is that, even though property prices have now started recover, we are in for another downturn. I hope that’s true. I keep an eye on a web site named http://www.housepricecrach.com but I found another good one recently. The web site housepricegraph.com has a chart showing London boroughs colour coded to show house price movements. It also has data on sales volumes.
Upmystreet.com is also good for checking out specific areas.