New survey underlines housing ladder challenge

Getting on the property ladder is more difficult now than it has ever been, a fact that has been demonstrated through new statistics released by housing charity Shelter.

A study by the organisation revealed that if wages had kept pace with the increase in house prices over the last 15 years, the average person would be taking home £29,000 more than their current annual salary.

Between 1997 and 2012, the average house price went up from £75,762 to £253,816 in comparison to earnings, which only increased from £16,500 to £25,932.

If both figures moved at the same rate, however, the average salary in 2012 would have been £55,296 – more than £29,000 above the actual amount.

“When you’d need to more than double your salary just to keep up with rising house prices, it is no surprise that the dream of a home of their own is slipping further out of reach for a generation,” remarked Shelter’s Campbell Robb. “Politicians need to start meeting people half way by committing to bold solutions that will get more affordable homes built. Otherwise future generations will find themselves priced out of a stable home, however hard they work or save.”

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