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April 26, 2010
Housing Prices outpace Cost of Living
A Savills study has shown that London housing prices have risen 17% higher than a year ago. While still off from their peak levels this is a sign that the property market is recovering. What is interesting is that the Consumer Prices Index, a measure of the overall cost of living taken by the Office of National Statistics, has risen only 3.4% from the same time period. The CPI is measured by taking a set of normally purchased items, known as a ‘basket of goods,’ and compared the prices to that basket one year ago. What it shows is that housing prices have increased faster than the price of an average basket of goods.