According to recent reports from worldwide economists, the price of Britain's houses is staggeringly high, the most over inflated in the world. Additionally, they claim that the values will fall, inevitably.
Prices on houses here have risen ten times higher than in other similar, developed countries such as Japan and Switzerland. Additionally, prices have risen twice as fast as in the US.
According to Policy Exchange, a think tank, since 1970, home prices have grown at a rate of 4 per cent over inflation per year.
Over the last 13 years, property prices have increased steadily. In 1997, the average price per home was £70,000. The same house will sell for £200,000 today. In comparison, the average price of a house in the US is £156,000, and £141,000 in New Zealand.
According to Policy Exchange chief Economist Marc Hartwich, "British houses have become grossly overpriced when compared with the rest of the world." In addition, "This has led to a debt culture where people are unable to save because they are putting everything they have into their mortgages, but yet are getting far less for their money than they would do abroad."
Property sale expert and direction of National Homebuyers, Julian King, says, "Homeowners who believe they will achieve the full over inflated value of their property on the open market will be sorely disappointed and will be hit with a huge amount of time it takes to sell." And, "selling time is around three months and for many time is a luxury they simply do not have."
