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We used big data to predict house prices – and this is what we found


Here is some more big and shocking Data. 25 years ago the ratio of Part 3 students salary to first home cost was circa 1:3. Today it is circa 1:17. In 25 years time following the same relative increases in salary and property prices it will be 1: 84. The historic evidence is clear, proven, and tested for 3 years running with Part 3 students at Westminster University and demonstrates a doubling in Part 3 students salaries over 25 years compared to a 1000% i.e. 10 times increase in property values. The ratio of 1.17 relates to the London Borough of Wandsworth. In Kensington and Chelsea it was announced this week that the average salary is £150,000 and the ratio to average house price is already 1:34.5. Clearly future Architects will be unable to own property - this is not an irony, it is a travesty. The economic reality is we are educating too many architects, at too high a cost to the students themselves, and to society at large creating an unsustainable culture which drives down fees, salaries, and ultimately the perceived value of architects who are literally and figuratively "two a penny". It is hard to lay the blame at the door of Universities, Architecture is popular, and they are as entrenched now in Capitalism as any corporate business. The RIBA couldn't care less - it is in the interest of large employers to have an over-supply of graduates as it suppresses salaries and allows increasingly low and self-defeating fee bids. So what is the answer? Several German States have taken the brave step of reducing University intakes to demonstrably sustainable numbers. Only saying. Chris Roche ARB Founder 11.04 Architects / Author

Posted date

6 October, 2017

Posted time

12:29 pm