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Typical home is now worth almost £280,000 – seven times the average salary

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Typical home is now worth almost £280,000 – seven times the average salary

  • Mortgage lender Halifax figures show house prices have risen 16.8% since the start of the pandemic, while wages have only risen 2.7%
  • The average home is now worth £279,431 – 7.1 times more than the typical annual salary which is £39,402
  • Northeast is the most affordable area, as the average house price is £162,692 – about four times the local income
  • London was the most expensive region, with an average value of £534,977 – 9.7 times more than wages in the capital

A typical British home now costs more than seven times the average annual income, a new analysis shows.

Figures from mortgage lender Halifax show that house prices have risen 16.8 percent since the start of the pandemic, while wages have risen only 2.7 percent.

The average home is now worth £279,431 – 7.1 times more than the typical annual salary of £39,402.

Figures from mortgage lender Halifax show house prices have risen 16.8 percent since the start of the pandemic, while wages have only increased by 2.7 percent

The Northeast is the most affordable area, as the average house price is £162,692, roughly four times the local income.

Meanwhile, London was the most expensive region, with an average value of £534,977 – 9.7 times more than wages in the capital.

It follows a two-year whirlwind that saw home sales boom when the first lockdown was lifted in 2020.

But experts predict a downturn in the market as the crisis begins to bite into the cost of living.

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