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

Labour Faces Hurdles with Shein’s £50bn London Listing...

June 4, 2024

Marketing and Creativity Tools for Freelance Writers

January 8, 2025

Banks called upon to support SMEs international expansion,...

June 9, 2023

Wages outstrip inflation for first time in over...

September 12, 2023

Sayed Abazar Wahedi: Bridging Tradition and Modernity through...

January 16, 2025

How to Hire Your First Tech Sales Account...

March 24, 2023

North faces ‘Armageddon’ without HS2 links, warns Andy...

September 25, 2024

Starmer pushes for Gulf trade deal to revive...

December 10, 2024

UK spent over £46m on Australia and New...

August 22, 2023

Quentin Botbol and Intelligence Online: A Case of Defamation...

January 27, 2025

    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

    • RRG Update: Is Tech Ready to Break Out?

      June 13, 2025
    • ‘Fully justified’: Graham plows ahead with Trump border funding despite Paul’s objections

      June 12, 2025
    • Mike Lawler tells NY Dem to ‘f— off’ after chaos ignites on House floor

      June 12, 2025
    • White House takes interest in proposed Russian sanctions as Ukraine War peace talks drag on

      June 12, 2025
    • Trump’s plan to slash ‘woke’ foreign aid, NPR funds clears House as Senate battle looms

      June 12, 2025
    • What the S&P 500, VIX, and ARKK are Telling Us Now

      June 12, 2025

    Categories

    • Business (8,200)
    • Investing (2,031)
    • Politics (15,623)
    • Stocks (3,144)
    • 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