Last month, the Office for National Statistics released data on housing affordability in England and Wales from 1997 to 2016 and, perhaps unsurprisingly, reveals a bleak current state of affairs. Some of the key findings from the latest data are as follows:
- On average, working people could expect to pay around 7.6 times their annual earnings on purchasing a home in England and Wales in 2016, up from 3.6 times earnings in 1997.
- The median price paid for residential property in England and Wales increased by 259% between 1997 and 2016; median individual annual earnings increased by 68% in the same time period.
- The most affordable local authority in 2016 was Copeland, with house prices being on average 2.8 times greater than annual earnings, whereas Kensington and Chelsea was the least affordable with house prices being 38.5 times greater than annual earnings.
- The gap between the least affordable and most affordable parts of England and Wales has increased over the last 2 decades; housing affordability has worsened in all local authority districts.
- Housing affordability has worsened fastest in London boroughs over the last 2 decades.
You can read the full report here.