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Buying a house now costs almost eight times the annual salary as property prices continue to outpace wages

Simon Pook, Head of Residential Property

– The article describes how house ownership has dropped to its lowest level in 30 years. This is partly due to the unaffordability of property for first time buyers. If you are a first time buyer or trying to get on the property ladder we can help with any of the legal processes involved.

Buying a house is less affordable than at any time in the past 20 years, with workers typically having to pay almost eight times their annual salary.

A typical property costs 7.6 times average earnings in England and Wales, the Office for National Statistics said yesterday.

The figure, based on a property costing £215,000 and a salary of £28,336, underlines how home ownership has moved further out of reach for many dreaming of getting on to the property ladder as house prices have continued to outpace wages.

Read more: http://dailym.ai/2mIyyq5

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