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

Letting Agent Talk

Selective Licensing Requirements

Propertymark is reminding landlords of their responsibilities under Selective Licensing schemes as more local authorities across England and Wales continue to implement or expand these regulatory measures. Selective licensing is designed to improve housing standards, ensure safer communities, and provide greater oversight of privately rented properties. Propertymark urges landlords to familiarise themselves with the rules…
Read More →
Estate Agent Talk

Autumn Budget 2025: Key advice for homeowners, buyers and landlords

The UK’s Autumn Budget delivered several headline-grabbing policies that will directly shape the future of the housing market. While initial reactions ranged from concern to confusion, property experts say the sector should take a measured, informed view, particularly as many changes won’t take effect for several years. From understanding who is going to face implications,…
Read More →
Breaking News

Five real estate opportunities to watch in 2026

By Daniel Austin, CEO and co-founder at ASK Partners The 2025 Autumn Budget offered limited stimulus for the housing market and, persistent headwinds such as sticky inflation, higher for longer interest rates, elevated construction costs, and slow planning processes continue to impact development viability. But there are still reasons for cautious optimism. The UK economy…
Read More →
Breaking News

Are Rightmove fee increases set to outpace agent earnings

The latest research from Property DriveBuy suggests that the nation’s estate agents are on course to see the sums paid to Rightmove in fees outpace the growth in commission earned for a third consecutive year, having already seen significantly higher increases in Rightmove fees over the last two years versus the commission bagged per property…
Read More →
Breaking News

Breaking Property News 3/12/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Banking facility will make it easier and more cost-effective for TPFG franchisees to access funding  The Property Franchise Group (TPFG), one the UK’s largest property franchisors, has announced the launch of a new bespoke lending facility, created with Barclays. This initiative will make it easier…
Read More →
Breaking News

What the Autumn Budget 2025 means for downsizers

Now that the dust has settled on what was a hotly anticipated Autumn Budget from the UK government, over-50s property specialist Regency Living has produced a concise guide to the implications for the nation’s downsizers, and concluded that this Budget is going to further increase demand on England’s park home market. The 2025 Autumn Budget was…
Read More →