House prices almost nine times the average income

Property prices have risen to nearly nine times the average household disposable income, according to Office for National Statistics (ONS) data. In the year to the end of March, the average property in England sold for £275,000, with this 8.7 times the average annual disposable household income of £31,800. In Wales, the median house price was £176,000 – six times the average income of £29,400, while the ratio in Scotland was 5.5 as house prices averaged £166,000 compared to a £30,300 salary. London is the least affordable region, with those in the lowest 10% of earners having to work 40 years to buy an average house. At the other end of the scale, an average-priced home in the North East cost the equivalent of almost 12 years of income. The ONS data shows that UK house prices rose by 12.8% in May, up from 11.9% the month before, hitting an average of £283,000. This is £32,000 higher than the typical price a year earlier. 

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