Average wage earners need £100k more to keep up with house prices, says Shelter
Average earners in east London would need another £100,000 in their annual wage packet to keep up with “astronomical” house price rises, a survey has found.
It compares with £47,000 that average earners in Watford and Brighton, for example, would need to keep up with local house price inflation—or £34,000 in Manchester.
There are no areas in the whole country where wage and house price inflation have remained aligned, according to the latest survey by the Shelter charity.
“Politicians need to start meeting people halfway,” said the charity’s chief Campbell Robb. “They need to commit to bold solutions to get more affordable homes built.
“Otherwise future generations will find themselves priced out of a stable home, however hard they work or save.”
Wage and house price inflation since 1997 has been used to calculate what average yearly earnings would be if they had risen at the same rate as the property market.
The £100,000 figure for east London reflects the boom in properties in affluent Docklands areas like Canary Wharf, the Isle of Dogs and Limehouse.
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The latest Population Census shows a drop in home-ownership for the first time since records began.
Shelter’s solution is to “build more affordable homes.”