House prices across the UK have soared at five times the pace of earnings increases over the last five years, according to a think-tank.
The Resolution Foundation’s research claims that ONS figures show how house prices have increased by 36% since April 2011 – 5.1 times the 7% increase in average weekly earnings over the same period.
Housing is becoming less affordable and more people are succumbing to the bleak fact that they may only ever rent.
The ONS went on to state how prices paid by first-time buyers were 9.7% higher in March 2016 than in March 2015, with the average price paid for a house by a first-time buyer being £220,000 across all regions.
The average house price in London now exceeds £600,000, and even across the rest of the UK, house prices have increased on average by 10.1% over 12 months to reach an average price of £307,000.
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