Saturday 25 June 2022 10:00 AM Cost of a typical family home soars to record seven times average earnings trends now
View
comments
Homes in Britain are less affordable than ever before, with house prices seven times the average income.
Property prices shot up during the Covid-19 pandemic, taking the chances of buying a home further out of reach for most families, according to research by Hailfax.
The bank said that although wages have risen by just 2.7%, house prices have risen by 16.8% since the pandemic began.
Halifax said that an average UK home cost £239,281 at the start of 2020, while average earnings were £38,374.
However, by the start of 2022, house prices had shot up to £279,431, with yearly earnings rose only slightly to £39,402.
(Stock Photo) Although homes are getting ever-more expensive, more people are buying them - keeping the cost of property high
(Stock Photo) London is the most expensive place to buy a home, even though
