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The one chart that shows how UK houses are now even more unaffordable The one chart that shows how UK houses are now even more unaffordable
(35 minutes later)
The Nationwide building society has this morning reported that average hosue prices rose 0.2 per cent. That takes the average house price up £2,185 to £202,436. The Nationwide building society has this morning reported that average house prices rose 0.2 per cent this month.
But the most depressing fact in the Nationwide's report is that the ratio of average house prices to average incomes has increased once again.The ratio - which is a good way of gaguing how unaffordable houses are - grew from 5.84x average incomes in March to 5.89x average incomes in April: That takes the average house price up £2,185 to £202,436.
But the most depressing fact in the Nationwide's report is that the ratio of average house prices to average earnings has increased once again.The ratio - which is a decent way of gaguing how (un)affordable houses are - grew from 5.84x average incomes in March to 5.89x average incomes in April:
That's the highest ratio since April 2008, when the UK was entering recession.That's the highest ratio since April 2008, when the UK was entering recession.
House price growth may be slowing, as the Nationwide's report points, out but they are still rising faster than people's incomes. House price growth may be slowing, as the Nationwide's report points out but they are still rising faster than people's earnings.
The upshot? Houses are still becoming more unaffordable. The upshot? Houses are still becoming more unaffordable to those on average earnings who want to get onto the property ladder.