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Average Cost Of A Uk Property Exceeds 10 Times Average Wage

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The average cost of a home in the UK is 10 times higher than the average annual income of a full-time worker, research suggests. While the average property costs in the region of £284,000, the average yearly wage stands at £27,200, according to the Office for National Statistics. The gulf between wages and property prices pushed up by dwindling supplies renders home ownership a 'distant dream' for millions. People looking for a home in London face a market where the average cost of a home is £522,000, over nineteen times higher the national average wage.

London: £522,000 - (19.1 times average income)

South East England: £359,000 - (13.1)

Eastern England: £306,000 - (11.2)

South West England: £264,000 - (9.7)

West Midlands: £205,000 - (7.5)

East Midlands: £196,000 - (7.2)

Yorks/Humber: £186,000 - (6.8)

North West England: £184,000 - (6.7)

North East England: £160,000 - (5.9)

Northern Ireland: £151,000 - (5.5)

Scotland: £198,000 - (7.2)

Wales: £174,000 - (6.4)

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What we must never lose sight of is that HPI is a deliberate choice.

It could very easily be curtailed by sensible reform of property ownership rules, tax consequences and planning reform.

It is just so depressing.

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