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

Biggest Shake-up of Home Buying in Decades

Families and first-time buyers set to save time, money, and stress under major changes to the homebuying process – supporting the next generation and those locked out by a slow and unfair system New sales packs to ensure buyers have the information they need upfront, earlier binding agreements, and digital tools will halve the number…
Read More →
Breaking News

More than half of home movers try D.AI.Y

but 38% say it gave them bad advice   The latest research from Yopa has found that 57% of home movers have engaged in D.AI.Y, to help maintain, repair and improve their homes, although more than a third have been given advice that later turned out to be incorrect. Yopa surveyed recent homebuyers to understand…
Read More →
Breaking News

Home buying journey is about to become unrecognisable

Claire Van der Zant, CEO of Novus Strategy, comments on the Government’s homebuying reform “The industry has been very vocal in its demands for mandation and this is the most impactful example yet of government intervention that will drive the change everyone has been asking for. What it will mean is the complete reorganisation of…
Read More →
bank of england interest rate
Breaking News

Bank of England holds interest rates at 3.75%

The Bank of England has announced its decision to hold the base rate at 3.75%. This decision comes as a result of wider economic uncertainty and inflation (CPI) increasing to 3.3% in March and remaining above the Bank’s 2.0% target. Here are some thoughts from within the property industry.   Matt Smith, Rightmove’s mortgage expert…
Read More →
Rightmove logo
Breaking News

Property valuation leads to agents up 55%

Rightmove, the UK’s largest property portal, has reported a 55% year-to-date uplift in property valuation leads for agents compared with the same period last year (January – May). The uplift follows the launch of Online Agent Valuation in late 2025, designed to help agents engage more effectively with prospective sellers, alongside a series of AI enhancements across Rightmove’s valuation tools. Online Agent Valuation connects agents with motivated homeowners who choose to begin their selling journey…
Read More →
Breaking News

Britain’s equestrian homes average value of £1.3m

South East accounts for one in five opportunities The latest research from LandSale, the property portal dedicated to land and rural property, has found that those inspired to enter the equestrian world following Royal Ascot this week will need a budget of £1.265m in order to get started, with the South East home to the…
Read More →