"Average home in England cost just over 3 times local median salary in 1997.
Now it is just short of 10"
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| Link to web site |
"It's just a London thing, say some commentators keen to play down talk of an unsustainable bubble in house prices. But a data analysis by the Guardian which has tracked prices as a multiple of local incomes in England since 1997 reveals how the affordability crisis has spread to virtually every corner of the country.
"In 1997, the only district where median prices were above 10 times the local median salary was Kensington and Chelsea, west London, home to the rich and famous. Today the average property in England trades just short of 10 times salary.
"Just as startling as the dramatic surge in prices is the failure of the builders to meet demand with new supply. ... What's more, the upmarket estate agency Savills admits that too much of what is being constructed in London is luxury flats aimed at wealthy buyers, with the 'lower mainstream' market especially poorly served.
"It is testament to the new norms in the housing market that 'lower mainstream' is defined as £350,000 for a two-bed flat."
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| Link to UK and London "House prices-to-salaries maps which show why you may never get a mortgage" |
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