This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk/7029135.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
House costs 'five times income' House costs 'five times income'
(about 2 hours later)
The income first-time buyers need to get on the housing ladder has reached unprecedented levels, a report claims. The income first-time buyers need to get on the housing ladder has reached unprecedented levels, a report says.
Research for the housing data company Hometrack shows the ratio of house price to income has nearly doubled in the past decade.Research for the housing data company Hometrack shows the ratio of house price to income has nearly doubled in the past decade.
Ten years ago an average house in Britain would have cost just over two-and-a-half times their income - now it is more than five times. An average house in Britain now costs more than five times the average first-time buyer's income.
This ratio is far higher than at the peak of the last price boom in 1990. The average cost of a home in England and Wales is £176,300, according to Hometrack's figures.
This ratio of house price to income is far higher than at the peak of the last price boom in 1990.
Despite a long period of low interest rates, mortgage costs as a percentage of income - seen by some as a fairer measure of affordability - have also virtually doubled over the same period to more than 32%.Despite a long period of low interest rates, mortgage costs as a percentage of income - seen by some as a fairer measure of affordability - have also virtually doubled over the same period to more than 32%.
Buy-to-letBuy-to-let
Figures show the most expensive place to buy is the London borough of Kensington and Chelsea, and the cheapest is the district of Wansbeck in Northumberland.Figures show the most expensive place to buy is the London borough of Kensington and Chelsea, and the cheapest is the district of Wansbeck in Northumberland.
The average cost of a home in England and Wales is £176,300, according to Hometrack's figures.
The BBC's John Andrew said the research also shows how private renting is on the up, helped by the boom in buy-to-let.The BBC's John Andrew said the research also shows how private renting is on the up, helped by the boom in buy-to-let.
Across England, the cost of renting was generally up to 30% cheaper than a mortgage on the same property.Across England, the cost of renting was generally up to 30% cheaper than a mortgage on the same property.
The report also found that nearly half of all households on the move were going into the private rented sector, which is now enjoying increased investment after a century of decline.The report also found that nearly half of all households on the move were going into the private rented sector, which is now enjoying increased investment after a century of decline.