Wednesday, 18 September 2013

Well, it sounds a bit more dramatic if you put it like that...

Daily Mail/This Is Money on top form again:

London property prices are racing ahead with figures today confirming that the city is skewing averages for the whole country higher - but not all areas of the capital are booming...

Houses in the capital's ten most expensive boroughs are now worth as much as the property markets of Wales, Scotland and Northern Ireland combined but not everyone in London is a property millionaire.


1. There are thirty-two London boroughs, so the "ten most expensive" is one-third of London.

2 If we divide the regional populations of the UK (from the ONS) by two-and-a-third to get total number of households/homes, there are 4.4 millions homes in Wales, Scotland and Northern Ireland combined, and 3.6 million in London.

3. Divide 3.6 million London homes by 3, gives you 1.2 million homes in the "ten most expensive boroughs".

4. That means, on the whole, homes in the "ten most expensive boroughs" are selling for 3.7 (4.4 divided by 1.2) times as much as the average home in the other three countries.

Which we knew already. In fact, I'm surprised that the differential is that low.


Kj said...

So in other words, the private taxation of land is not only a "burden on the southeast", but ten boroughs of London in particular.

Kj said...

"Disproportionately on the Southeast" as they say.

Mark Wadsworth said...

Kj, yes, but income tax falls "disproportionately on the South East" as well, I'm quite sure that the richest third of London pays more in income tax than the other three countries.