House price growth has slowed, but if you earn an average salary you’re still screwed. Great.
Homes in England and Wales cost, on average, 8.8 times the typical local salary, reveals analysis by the Office for National Statistics.
And, in further bad news, homes in popular areas and some London boroughs have risen by up to 20 times local incomes.
According to the Institute for Fiscal Studies, the average household income has returned to the pre-financial downturn figure – of about £461 per week.
Westminster sees the highest discrepancy – with some houses come with a price tag totalling 24 times the average wage.
And things are no better if you rent in the area, tenants spend approximately 78 per cent of their wage on housing.
Unsurprisingly, all 15 of the least affordable locations for private rental properties were in London.
The ONS also found that in some parts of the country – Newcastle, Middlesbrough, Sheffield and Wolverhampton the unsettling house price to wage ratio has fallen since 2007.
Some rental properties in Hull are just £365 per month.
So if you’re looking to buy, maybe pack your bags and head north…