Do you dream of owning your own home? Dream on!Sounds harsh, doesn’t it? But isn't it best to be realistic about the hopes rather than being fobbed off by politicians?
According to figures recently released from the Office of National Statistics, if you want to start on the property ladder with a lovely little semi-detached home in England, this will set you back just over seven times your full-time wage. And if you’re fussy and want a new build as opposed to an already erected house, you’ll be looking at even more than that.
It’s eye-watering isn’t it? The figures we have just provided you with are an average, so imagine if the figures were based on London prices.
And what about if you wanted to jump straight into a detached home?
A large proportion of people dream to get their teeth straight into a detached home as soon as they can so that they don’t have to move again should they wish to start a family (there will already be plenty of room), but this financial scenario proves to be the most expensive of the lot.
On average if you wish to purchase a detached home in England, you can expect to pay nearly TWELVE times your annual wage. And this is just an average.
In certain London boroughs it will be much higher.
Something needs to be done, but we just can’t see how or what that will be. The current climate is simply unsustainable.
The government keeps saying they are going to build more houses and at the same time make them affordable for the average Brit, but neither promise is happening. Building isn’t occurring at the rate that it needs to and when these said houses are erected, they’re certainly not affordable!
It is also no secret to highlight that wages are not rising at the level that they need to be. Unfortunately, as always, it is the younger generation that is suffering, and this shows no sign of abating. The people that got us into this mess by overspending and overborrowing are all sat comfortably in their huge homes and the people who are reigning in their spending and trying their best to be financially secure can’t even buy a flat.