Are house prices rising at a ridiculous rate everywhere or just in the uk?

Question

House prices are always rising, but now they are 11 times higher than national average earnings and they are expected to double this ratio within 5 years. Is it the same situation around the world?

Answer 1

Its happening globally.

Answer 2

Not in California. We had explosive growth (some areas at 35% to 40%) for quite a few years. The market was really strong and lots of money was being made. The bottom fell out about a year and a half ago and now its the complete opposite as bank foreclosures have increased almost three fold and banks are alot more wary to fund new loans. Whats worse is that experts don't ahve the market leveling out until 2009.

Answer 3

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Answer 4

Seems they are higher there.
We had a boom here the last couple of years, but it is now level or even falling. It seems to happen around major elections, but I may be incorrect.
It of course depends on the area and type of house.
A new 3 bedroom single home on 2 acres, which is typical for many parts of Maine is about 250,000 ( about 500,000 pounds ). Seems to be approximately 8 times the avg personal earnings for around here. It's the interest that will get you...

Answer 5

In Ireland the housing boom has seen 3 bed semi's rise from €60,000 to €600,000 in the last 15 years. Although things are beginning to slow down now. There has been a sight drop in price increases.
I bought my house in 2005 for €280,000, it is now worth €400,00. But most of the increase happened in the 1st year, It's probably actually fallen from €410,000 down in the last year.

Answer 6

Currently here in southern NJ it's a buyers market right now. Over priced houses are sitting on the market for months to a year until the price is lowered substantially.

Answer 7

No it is not. There are many many factors which influence house prices, from global and local economic conditions, through supply and demand, to cultural / lifestyle preferences.

The UK as a whole is particularly obsessed with property ownership. Many other countires have a much higher proportion of rented accommodation.

Answer 8

Not everywhere. In much of the US there has been a backlash after years of rampant development, and though some uninformed sellers haven't figured it out yet, prices are down and it is a buyers market. Of course there are pockets of the country that are still on the bubble.

Answer 9

not to the same extent. With the exception of a few random places like Hong Kong, England is practically the most expensive place to buy a house in the world

Answer 10

No, that is not the case globally. Prices are on the retreat in some (but not all) places in the US. Prices in parts of China are doubling almost annually so be glad you don't live in Shanghai!

Answer 11

sure as quickly as banks have have been given rid of those poisonous components. many times those residences are below foreclosure strikes or those below short sales.they are going off very much cheap, many times below marketplace fee. yet a observe of warning, those abode are in a adverse state of maintenance and many times inhabitable.those unsalable ones are poisonous components. the traditional variety of properties are few contained accessible. proprietors are no longer advertising because of the low abode fee now.