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

LIVING BY THE SEASIDE 2022
Breaking News

Demand for Coastal Living Remains Remarkably Resilient

Coastal house prices fall by as much as 38%, but seaside hotspots still command premiums of up to 76%   The latest research by Yopa has revealed that house prices across some of the nation’s most popular seaside hotspots have fallen by as much as -38% over the last year. However, many continue to command…
Read More →
Rightmove logo
Breaking News

Buyer demand bounces back after May heatwave

New real-time analysis from the UK’s largest property platform Rightmove reveals that buyer demand has bounced back after a temporary dip due to the May heatwave during the school holidays Starting on May 22nd, buyer demand dropped by 8% over the course of the heatwave week, as potential buyers held off from booking viewings to…
Read More →
Breaking News

Breaking Property News 11/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Leasing decisioning platform set to scale with new injection of investment Findigs, the AI-native leasing decisioning platform that helps residential operators across the U.S. improve revenue and grow their bottom line, announced that it closed a $32 million Series C funding round led by…
Read More →
Breaking News

Cost of void periods climbs by as much as 53% for landlords

Landlords face growing pressure on profits as the cost of void periods climbs by as much as 53%.   The latest research by property management specialist, Rushbrook & Rathbone, has found that the average cost to landlords as a result of void periods between tenancies has climbed by as much as 52.9% across some areas…
Read More →
Breaking News

Lack of Supply Keeps Upward Pressure on Rents

More ‘affordable’ areas see rents rise two times faster than the national average    Rents are rising 5% on average in more affordable areas where rents are below £750pcm – over twice the national average of 2.1% Regionally, Carlisle (+9.1%), Kilmarnock (+9%) and Halifax (+6.5%) are among the fastest-rising markets where rents are rising quickly…
Read More →
Rightmove logo
Breaking News

First-time buyer price hotspots revealed

New analysis from the UK’s largest property platform Rightmove, reveals where first-time buyer prices are rising fastest across Great Britain Bridlington in East Riding of Yorkshire (£167,321) and St Helens in Merseyside (£133,106) lead the way, with average asking prices up 18% compared to last year Falkirk (+17% to £118,327) and Hartlepool (+12% to £104,76)…
Read More →