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Property Ladder Is Going Up The Chimney

It’s always nice for homeowners to know that their house is worth oodles more than the price they paid for it, but another group of people loses out each time the cost of property rises.

These are, of course, the people not yet on the property ladder.

The past 12 months has seen the cost of home ownership in some parts of Coventry soar by as much as 50 per cent.

It’s putting areas like Earlsdon beyond the reach of first time buyers, with terraced houses going on the market for more than £100,000. This is the sort of daft over-inflated price that you’d expect to find in south Warwickshire

With rents following the steep climb, this will have the effect of changing the make-up of the city. Less well-off people will be forced out of certain areas, reducing their diversity.

Nice news for the Nimbys, perhaps, but in the long-term it can only have the effect of increasing the city’s north – south divide.

And in a city just beginning to turn the corner in tackling its problem areas, that should be avoided.

So while the homeowner – rich on paper at least – toasts his or her luck, let’s hope the situation doesn’t get out of hand at a time when the city’s public housing stock has just passed into the private sector.


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CWN / Comment / 24 Oct 00
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