Homes now ‘unaffordable’ for most people – even for some of the highest earners
New data shows showing new data are not even suitable for the highest gains in the UK.
For 2024, the National Statistics Office (ounce) shows that buying a house is five times higher than the average salary for 90 percent of the winners in the UK.
The situation in the country’s capital was even more terrible, it was thought that the housing prices in London were not suitable for all income groups – even the first 10 percent of the winners.
While the new housing secretary Steve Reed promised “building, baby, building”, conservative James accused of wisely with taxes and arrangements with “killing the market”.
For years declining housing supply and low building rates contributed to high housing prices in the sky, while the increase in wage did not continue.
“Many of our lives are the foundations of our lives, many of us imagine the security of having our own house. But the dream is far beyond the understanding of the average tenant,” he said, Ben Twomey, CEO of Generation Rent.
“Even before the rental cost is taken into consideration, it is not suitable for most people to buy a house.
In the meantime, experts from the Mortgage Advisory Bureau (MAB) believe that last year’s regulatory changes will make housing more appropriate for buyers.
Mab Director Rachel Geddes said, although we haven’t objected to the past statistics, significant changes since then will tell a different story in 2025, ”he said. Independent. “These regulatory changes and increasing flexibility for lenders created new opportunities for buyers.”
Although the purchase of housing recovered between 2023 and 2024, the houses were still not suitable, which cost more than five times the average salary in many parts of England – a trend since 2006.
In general, the housing prices in Wales, Scotland and Northern Ireland were more affordable, while the average housing price in the UK was still 7.9 times the average salary.
Last year, the average house in the UK was sold for £ 290,000 – greatly higher than prices in Wales (200,000 £), Scotland (£ 185,000) and Northern Ireland (£ 168,000). Meanwhile, the average salary did not see such a significant fluctuation between the four countries.
The average housing prices in the UK were affordable for the first 10 percent of the winners who receive more than 72,000 salary per year.
And in London, even the highest earnings of household income with more than £ 91,443 were priced for an affordable host.
The worsening housing market carries the risk of deepening existing inequalities and Independent Recently, many people have not been able to save for rent and deposit, while others rely on the “Mother and Father Bank” to enter the housing stairs.
“It has become the norm of people trusting family delegation if possible, but it only serves to expand the inequality,” he warned.
The situation is even worse at the lowest end of the spectrum.
The lowest 10 percent of the winners in the UK sees home prices more than 17 times their salaries and 34 times their salaries in London.
The average house in London was sold last year to £ 527,500 – three times more (£ 165,000) than the average price of a house in the North East.
But it’s not just a London problem. In the South East, England and the South West, the houses were also affordable for the best decimals of the winners.
In the meantime, North East is the most affordable region of England and the average price is five times the average income.
In general, Blackpool is the most affordable area for homes in the UK, the London district of Kensington and Chelsea was at least affordable.
England has been fighting with high housing prices for about twenty years, increasing demand as decreasing housing stock and population grows. Developers also criticized the strict planning laws they said they could prevent home construction. Chancellor Rachel Reeves promised to overcome the legislation.
