House prices reach their least affordable level in 150 years

House prices are at their least affordable level in nearly 150 years, according to analysis from Leeds Building Society. The figures showed average home values last year were 9.2 times higher than average earnings. That multiple was last larger, at 9.3 times, in 1875, the year when the Leeds was founded, according to the analysis of data from the Office of National Statistics, the Bank of England and Land Registry. Back then average annual earnings totalled just £40, making it a struggle to afford a typical home - worth £372. Today a typical salary has surged to £31,928 but a residential property is valued at an average £294,329. A separate report from the asset manager Schroders also came to the same conclusion, and also found a gender gap. The average house in London costs more than 14 times a woman's salary, compared with 12 times for a man. Outside of London, the gender divide was most stark in the South East.

The Mail on Sunday (26/02/2023)   The Sunday Telegraph (26/02/2023)