Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Housing affordability falls to its lowest since 1999

by admin July 29, 2022
July 29, 2022
Housing affordability falls to its lowest since 1999

The affordability of a home in England has fallen to its lowest since records began in 1999, official figures show.

The cost a typical home in England has risen to 8.7 times the average annual disposable household income in the year to March, according to data from the Office for National Statistics.

The figure compares with affordability ratios of 6 times average disposable income in Wales and 5.5 times in Scotland, both of which are below peaks hit around the time of the financial crisis.

The ONS calculates the ratio using median prices because the distributions of both income and house prices are skewed, with some extreme high values. The median house price in England was £275,000 and median income £31,800. In Wales it was £176,000 and £29,400; in Scotland it was £166,000 and £30,300.

House prices have risen strongly since the end of the first lockdown as people looked for homes with more space, helped by a stamp duty holiday. They have kept rising since the end of the tax break, at the end of September last year, bolstered by a shortage of homes for sale and high demand.

Marc von Grundherr, director of Benham and Reeves, the estate agent, said: “Climbing the ladder is an incredibly tough task in today’s market, where only those with the financial collateral of an existing property can comfortably negotiate the cost of a purchase.

“It’s no wonder that we’re seeing a move towards long-term renting as a lifestyle choice, not just a necessity.”

Read more:
Housing affordability falls to its lowest since 1999

0
FacebookTwitterGoogle +Pinterest
previous post
Taxpayers left with £421m bill after one in 12 firms default on Covid loans
next post
Centrica defends £1.3bn windfall as wholesale energy prices leap

You may also like

Jeremy Clarkson Triumphs in Car Park Expansion Dispute

June 16, 2023

Betting Industry Regulation Update 2023 in UK –...

March 17, 2023

BMW set to announce over £600M investment so...

September 11, 2023

Evening Standard scraps daily print paper blaming work...

May 30, 2024

Step-by-Step Guide to Arrange Flowers Like a Pro

June 10, 2024

Doncaster Sheffield Airport is closing with the loss...

September 26, 2022

UK bosses flocking to Labour conference as business...

September 10, 2023

City centres see boost as footfall bounces back...

February 14, 2023

Flexible office provider Figflex to invest £2M to...

July 4, 2023

Crisis in working conditions making Brits ill

July 13, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved