Cost of buying average home in England now unaffordable, warns ONS

https://www.theguardian.com/money/2024/dec/09/cost-of-buying-average-home-in-england-now-unaffordable-warns-ons?utm_term=6757f4c62a1e42542009704894c8a952&utm_campaign=BusinessToday&utm_source=esp&utm_medium=Email&CMP=bustoday_email

by WanderwellGMS

18 comments

  1. What a time to be alive, single, in London, without parental help… Honestly, is this a warning that young people should consider leaving the country?

  2. It’s been unaffordable for about 10 years, if not more. Single people have no hope in hell of ever buying property. Couples can only just about scrape it together. Mortgage criteria is they will lend you 4.5x your salary, yet house prices are almost 12x your salary if you’re on just above minimum wage. If your parents can’t (or won’t) help you, you’re absolutely scuppered.

  3. > In London, where house prices have rocketed most in the past two decades, even many households in the top 10% of local earners – with disposable incomes of at least £89,901 – would not be able to afford an average-priced property in the capital.

    > An average home changed hands in London for about £530,000 last year, equivalent to 14.1 years of average income. For those in the top 10%, it would take 5.9 years to buy an average property, while it would take 34.7 years for those in the bottom 10th.

    I wonder how much of these figures is skewed by London prices? Housing seems to be much more affordable outside of England according to these statistics.

  4. Yeah I’m living out a car.. in full time work 5 days a week 1 day over time plus long shifts haven’t been on holiday in 20 years! Haven’t traveled anywhere other than work, dentist 3 times a year and local shops… can just about afford to keep my 90s car on the road…

  5. The only way I was able to save up a healthy deposit between myself and my partner was leaving the country lol

  6. Tax the crap out of second, third, fourth… properties.

    Exponential taxes on second, third, fourth… properties for private owners AND corporations.

  7. Build more homes

    But its almost like the ruling class have a vested interest in property prices staying inflated

  8. Expand your view of “normal” to beyond the Western world and beyond living memory: multi-generational households are the norm for the vast majority of humans ever to live.

    We have only lived in our own homes without blood relatives for a very very short period of time.

  9. Water wet. And then they wonder why younger generations are being taken in by political grifters.

  10. Despite saving more than £100,000 and earning £48,000 a year, buying just a crap 2 bedroom house an hour away from London by train is still going to be a financial struggle…

  11. I discovered to afford an average home all I have to do is take out a 40 year mortgage, save up £15,000 and save up £106,000 of my own money. Simple!

  12. repeat after me (and slightly louder for those at the back who *still* don’t get it)

    “first time buyers don’t buy average-priced houses”

    This is slightly disingenuous from the Guardian (there’s a surprise) as it completely ignores the concept of the housing ladder. What’s the point of comparing the price of the average home in the UK to the average salary? The people buying an average sized home with an entirely cash/saved deposit are the *extreme* minority, the vast, VAST majority will have equity from a previous house sale.

    All this is going to do is fan the flames of people who love to cry about our broken economy.

    While there is an issue with house pricing versus salary in this country, this article is utter hogwash and the journalist (and editorial team) should know better.

  13. Heres another idea can we stop being so London centric and build opportunities that pay well outside of the M25?

  15. That’s been the whole point all along. ‘Warns’ lol

  16. Well I could’ve told you that for free, even worse in big cities

  17. Most of us have known this for years. You know there is something wrong when 2 adult’s work all the hours available and it’s barely covers you both with rent that I’d relatively cheap compared to market average. Something drastic needs to be done to help people.

  18. And they keep building more and more at exorbitant prices. All these big new build estates are filled with 3 and 4 bedroom houses. A couple that are looking for thier first home don’t need this

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