Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

Housing affordability falls to its lowest since 1999

by
July 29, 2022
in Politics News
0
Housing affordability falls to its lowest since 1999
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

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.”


ShareTweetPin

Related Posts

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Key UK mortgage rate passes 4% for the first time since 2013
Politics News

Key UK mortgage rate passes 4% for the first time since 2013

August 23, 2022
6m disabled people in UK to get £150 cost of living payment in September
Politics News

6m disabled people in UK to get £150 cost of living payment in September

August 23, 2022
Next Post
Taxpayers left with £421m bill after one in 12 firms default on Covid loans

Taxpayers left with £421m bill after one in 12 firms default on Covid loans

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Asian Games rescheduled for next year in Hangzhou, China

Asian Games rescheduled for next year in Hangzhou, China

July 20, 2022
Royal Mail managers vote to strike over jobs dispute

Royal Mail managers vote to strike over jobs dispute

June 30, 2022
Unfinished business in Bangsamoro

Unfinished business in Bangsamoro

July 26, 2022
Australia floods worsen as thousands more flee Sydney homes

Australia floods worsen as thousands more flee Sydney homes

July 5, 2022
Defaults set to soar as borrowing costs bite

Defaults set to soar as borrowing costs bite

July 15, 2022
SSC outlasts Perpetual Help in 5 sets, shares second spot

SSC outlasts Perpetual Help in 5 sets, shares second spot

June 26, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.