House prices now 10 times average pay
HOUSE prices in some areas are now almost 10 times the average salary following the pandemic.
The National Association of Property Buyers said London – where the average price of £534,977 is 9.7 times the average wage – was worst hit.
Figures from mortgage lender Halifax show house prices have rocketed 16.8% since February 2020, while wages crept up by 2.7%.
Nationally, the average home now costs £279,431 – that’s 7.1 times the average salary.
Jonathan Rolande of the NAPB said rising graduate pay plus a shortage of homes was driving up firsttime buyer property prices.
He said: “It’s a nightmare situation. It underlines the need for a fast-track building programme.”