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

Rental price and average salary tracker – May 2026

Scottish Rent Surge Drives Regional Growth as Affordability Pressures Persist Across UK Scotland recorded the strongest monthly rental growth of any UK region, with average rents rising from £1,167 in April to £1,257 in May (+7.7%), pushing the typical salary required to secure a home to £37,710. London average monthly costs increased from £2,259 to…
Read More →
Letting Agent Talk

Rental yields climb across London

Tower Hamlets and Newham deliver strongest buy-to-let returns as rental yields climb across London   The latest research from London lettings and estate agent, Benham and Reeves, reveals that Tower Hamlets and Newham currently offer the strongest rental yields for buy-to-let landlords, having also recorded the largest annual increases in rental yield across all London…
Read More →
Overseas Property

World Cup host cities have seen house prices climb by 44%

World Cup host cities have seen house prices climb by 44% since 2026 tournament announcement   The latest analysis from Enness Global has revealed that property values across the cities selected to host matches during the 2026 FIFA World Cup have increased by an average of 44% since the tournament was awarded in 2018, highlighting…
Read More →
Estate Agents should not all look the same
Estate Agent Talk

Nearly Third of Homebuyers Choose Conveyancer Recommended by Estate Agent

New research from Lyons Bowe Solicitors has revealed that nearly a third of homebuyers choose a conveyancer recommended by their estate agent, while only 40% compare multiple firms before making a decision. The findings come at a challenging time for the UK housing market. According to the latest Zoopla House Price Index, annual homebuyer demand…
Read More →
Estate Agent Talk

FCA proposals to boost mortgages supply for underserved markets

Comments from Julian Sampson, Partner and Head of Lending Department at TWM Solicitors, a leading commercial law firm.   The FCA is announcing mortgage rule changes that should improve the supply of mortgages to underserved markets such as the self-employed, the elderly and borrowers with weak credit histories. Julian Sampson says, “There are still significant parts…
Read More →
Breaking News

Breaking Property News 9/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X. Why on earth is a tenant app exhibiting at an event for letting agents and landlords? Well known and respected lettings industry CEO Adam Pigott of Openbrix/tlyfe explains the logic behind showing a ‘tenant lifetime app’ at a premier agency event where there will be no tenants.…
Read More →