Houses now 5 times income

[King Cnvt]

http://news.bbc.co.uk/1/hi/business/7029135.stm

The income first-time buyers need to get on the housing ladder has reached unprecedented levels, a report says.

Research for the housing data company Hometrack shows the ratio of house price to income has nearly doubled in the past decade.

An average house in Britain now costs more than five times the average first-time buyer's income.


Still, cheap as chips and with a massive cut in interest rates on the cards, affordable for years to come.

I'm thinking of buying another 2 or 3 when they are a bit more expensive.

[lilelvis2000]

Five times my meagre income would allow me at 5x to buy a house of £120,000..which can't even buy a three bed semi in these parts.

[mace]

Look on the positive side

A 2-bed semi in Shanghai would cost about £250k at the moment. You're better able to compete with the Chinese than us Londoners. 2-bed semi round my way would cost upwards of £500k.

[BoredBloke]

The commute is a bit of a fooker though. A cheap house but sh1t loads on air fare.

[Alf W]

My house is worth about 50x my salary. These young kids ought to think themselves bloody lucky!