The measure of house price affordability

Price to earnings ratio. Simply divide the average house price by the average earnings figure.

Historically it was always around 3-4. Now, it has risen to around 7. In some areas this is around 10.

The typical amount the banks would lend you for a house was 3 1/4 times your sole salary or 2 1/2 times a joint salary. The very fact that people aren't able to obtain a mortgage using these multiples says it all really.

See also

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