Homes now ‘unaffordable’ for most people – even for some of the highest earners
The damning stat that paints a bleak picture of UK housing market
- New national data reveals that even the top 10 per cent of earners in London are unable to afford home ownership, with average house prices in England exceeding seven times the average income.
- Figures from the Office for National Statistics (ONS) for 2024 indicate that homes are unaffordable for 90 per cent of earners in England, where the average house price is over five times the average salary.
- The housing crisis is attributed to years of dwindling supply and low building rates, which have driven up prices while wage growth has failed to keep pace.
- Experts warn that the worsening housing market risks deepening inequalities, with many relying on family wealth to get onto the property ladder.
- While Labour's new housing secretary, Steve Reed, has pledged to build 1.6 million homes, and the government is investing £39bn, experts suggest it will take years for these efforts to improve affordability.