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james73

House prices rise to six times the salary of an average Scot

House prices are now six times the salary of the average Scot, according to
new government figures revealed yesterday.

The statistics show that the average house price of £137,192 is running out
of reach of the £22,261 median salary.

Shock waves from the deepening crisis south of the border, capped by the
collapse of the Northern Rock building society, are now impacting across Scotland,
particularly in Glasgow, Edinburgh and Aberdeen.

First-time buyers with little or no savings are being faced with debilitating interest
rates as the industry recoils, and many young people can't buy without parents'
help.

Last night lenders came under criticism for previously having artificially raised
prices by offering mortgages of up to five and, in certain cases, six times a
borrower's salary in recent years.

The government was also criticised for failing to intervene as lenders increased
the amounts of mortgages offered.

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It'll all in end in tears...

James H
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Happiness ain't at the end of the road - Happiness *IS* the road...