Thanks, had just wondered if the house price to income ratio in ROI (or UK for that matter) was anything like the 10/1 in NI.I would have thought (just a guess though it would be close to 6 as well in ROI considering bank rules for mortgages
This is a very crued method. It's based on the assumption that all properties bought are bought by a single owner, on 32k, paying 307k for a one bedroom property.Average industrial wage is about 32k. Average house price nationally is about 307k. Crued sums would give us a ratio of 9.6 in Ireland.
Average industrial wage is about 32k. Average house price nationally is about 307k. Crued sums would give us a ratio of 9.6 in Ireland.
Even more telling is the comparison of house prices with the average industrial wage: in 1984, the average price of a new home was 4.3 times the average industrial wage; in 1994, it had dropped slightly to 4.2 times; in 2005, it was 9.1 times (and 11.5 times in Dublin).
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