Tuesday, May 21, 2013
Governments just can’t stop themselves from using housing to stay in power
House prices have shot up so far that buyers must earn more than Â£62,000 - twice the UK's average salary - to afford the average asking price of quarter of a million pounds. New figures show that vendors are asking an average Â£249,841 - nine times the typical salary in the UK of Â£26,500. With mortgage firms typically lending a maximum of four times people's salary, borrowers on the UK's average wage could only obtain a mortgage of just over Â£106,000 - far below the new average asking price.