Housing affordability worsens to 7.8 times salary

March 29, 2019
sold purplebricks

We all know that property prices are too high and especially rental costs. We have seen rocketing prices in recent years though relief seems to be on the horizon as prices are cooling off and in deed falling in many areas and with the Monty Python Flying Circus team, opps sorry, I meant the Government in charge of Brexit we are seeing political turmoil that will not aid any immediate property price recovery.

A recent report released on the Mortgage Solutions website via stats from the Office for National Statistics (ONS) that there has been a slight fall in affordability of property in 2018. It is quoted that people are now looking at 7.8 x their salary in order to afford a property (England and Wales) to live in, yes 7.8 times!

I can remember the days not so long ago that getting on to the property ladder was all about 3 x single salary of 2.5 x joint salary… Kensignton and Chelsea now show an average house price that requires a 44.5 x the typical average annual earnings!

Further reading can be made on the Mortgage Solutions website.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Housing market springs back into life

The latest research by Yopa reveals that as Spring begins, 6.3% more homes are on England’s housing market today compared to the start of the year, with some counties seeing increases of more than 16%, showcasing growing seller confidence in a market that is on the up. Yopa has analysed residential listings data from March…
Read More →
Breaking News

29% of homebuyers leaving sellers at risk

The latest research from House Buyer Bureau has found that 29% of homebuyers who made an offer on a property were not actually in a position to proceed, with many lacking either a mortgage in principle, a deposit, enough saved to cover stamp duty and buying costs, or all three. House Buyer Bureau commissioned a…
Read More →
Overseas Property

The most in-demand holiday home destinations

Alicante is the ideal place in the sun when it comes to Brit foreign property dreams Province on Spain’s Eastern coast is the most popular destination for Brits in TV foreign property series Almeria and the Costa Del Sol are in the top three based on analysis of 1,000 episodes of A Place In The…
Read More →
Breaking News

Two Weeks to Go for First Phase of Renters’ Rights Act

With just two weeks until the first phase of the Renters’ Rights Act comes into effect, letting agents across England are being urged to ensure they are fully prepared for the significant operational and compliance changes ahead. From 1 May 2026, the new legislation will introduce wide-ranging reforms to tenancy structures, possession processes and rent…
Read More →
Breaking News

Housing Insight Report: February 2026

The housing market shows steady activity, ongoing challenges with sales agreed rising slightly and stock levels stable, while affordability pressures and longer transaction times continue to strain buyers and sellers. Demand is strong in the rental sector, with significant competition among tenants despite only a modest increase in available properties. Rents have remained relatively stable…
Read More →
Breaking News

London boasts biggest property market gap

UK’s property price gaps exposed: London tops with £838k difference between top and bottom of the market The latest research from eXp UK has revealed the scale of the price divide between the most and least expensive property markets across each region of the UK, with three areas seeing average house price gaps of more…
Read More →