Latest figures supplied by the Council of Mortgage Lenders show that home loans hit a record £219bn in the UK for 2002. That's a lot of money when you consider that Gordon Brown set teeth rattling when he put the national deficit at around £12bn.
But just how many people could this amount of borrowing actually house?
Using the formula £219bn divided by the average cost of a house, multiplied by four (average number of occupants) makes for some interesting reading.
For example, in the north of England, where houses cost just £73,000, this sum could buy more than three million homes in the region, providing residence for 12m people, or more than a fifth of the UK’s population.
In Wales, where a house costs roughly £79,000, this works out to 10.8 million people housed – still a healthy return, you would think. But as you move further south, the picture changes dramatically.
In the south east, £219bn will get you around 1.3m homes, an average cost of £168,000, and in London, where money disappears faster than a weekend train timetable, this amount would not even buy a million homes.
Ouch!
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article