Rising house prices now stand at an average 7.6 times the
average annual salary, more than double the figure for 20 years ago, according
to official figures. The new figures for housing affordability in England and
Wales between 1997 and 2016 have been issued by the Office for National
Statistics. They said the median price paid for a home leapt by 259% over this
period, while median individual annual earnings could only manage a 68% rise.
The ONS said housing affordability “has worsened in all local authority
districts”. In 1997, house prices were on average about 3.6 times workers’
annual gross full-time earnings. Read more on the Guardian website.
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