Property prices in Britain may be surging due to a
horrendous imbalance of supply and demand — but the market is poised to
implode. Why? Because Britons are not earning enough money to either get on the
housing ladder or are spending such a large portion of their wages on mortgages
that may not be sustainable. That's the assumption in the latest figures from
think tank Resolution Foundation, which show that lower- and middle-income
households are spending 26% of their salaries on housing, compared to 18% back
in 1995. In London, households spend 28% of their income on housing. The think
tank said this is the equivalent to adding 10 percentage points onto income
tax. Read more on Yahoo News.
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