SIR – Buying a home now costs nearly eight times a worker’s average annual earnings, the least affordable it has ever been.
The average price paid for a home in England and Wales increased by 259 per cent between 1997 and 2016, the Office of National Statistics (ONS) revealed. In comparison, average annual earnings have only increased by 68 per cent.
Kensington and Chelsea remain the most expensive place to buy a home, with house prices at a shocking 38.5 times a worker’s annual earnings. Other parts of London have seen housing affordability plummet signif-icantly, the ONS said. In 1999 an employee in Camden could expect to pay 7.7 times their annual earnings for a home but in 2016 the figure stood at 19.6 times annual earnings.
Max Hey, Fairway Grove, Bradford
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article