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Median house prices in London the median house now cost up to 12 times the median London salary. In 1995, the median house price was £83,000, 4.4 times the median income. By 2012–13, the median income in London had increased to £24,600 and the median London house price had increased to £300,000, 12.2 times median income [8]
[3] [4] However, the cost of housing as a proportion of income is higher than average among EU countries, [3] and the increasing cost of housing in the UK may constitute a housing crisis for many especially in London, [5] [6] [7] — the rate of over fivefold house price increases far exceeding the inflation rate of just little above twofold ...
Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014). [3] Foreign investment plays a substantial role in the UK's real estate market, particularly in London, and foreign companies and individuals invested around £20billion in UK real estate in 2012. [4] [needs update]
By 2013, some tenants who had purchased their council flats, sold them later to speculators, investors or property companies. By 2013, a one-bedroom council flat that sold for £50,000 in the early 1990s, for example, had a market price of £250,000. [9] A tight housing market led to increased rent as construction of new homes decreased. [9]
First urban community right to buy in Edinburgh under the LR(S)A 2003 (as amended). Property sold by the Church of Scotland [22] Ulva: 21 June 2018: Island: North West Mull Community Woodland Company: £4,400,000+ 2,000 4,900: Sold by Jamie Howard after a grant of £4.4 million from the Scottish Government through the Scottish Land Fund [23]
A committee was appointed in 1919, headed by Sir Leslie Scott, to report to the Lord Chancellor on land transfer. [2] This Lands Requisition Committee proposed a bill, which was introduced to Parliament in 1920 by Lord Birkenhead. This became law on 29 June 1922 and was 313 pages of amendments of numerous real property statutes.
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The history of English land law can be traced into Roman times, and through the Dark Ages under Saxon monarchs where, as for most of human history, land was the dominant source of social wealth. The start of an English law of real property , however, came after the Norman Invasion of 1066, when a common law was built throughout England.