Wednesday, January 20, 2010
Halifax affordability survey
Buying a home costs four times as much as it did half a century ago in real terms, according to research by Halifax. Average house prices, allowing for inflation, have increased 273 per cent in the past 50 years, making homes increasingly unaffordable. A typical home could be bought for Â£2,507 in 1959, the equivalent to Â£43,713 in todayâ€™s money. Home buyers are actually paying significantly more to buy an equivalent property now, needing Â£162,085. Despite the recent housing slump, prices rose the most during the last decade with a real rise of 62 per cent, Halifax said.