House prices still unaffordable for the average earner despite wage rises – Nationwide
https://news.sky.com/story/house-prices-still-unaffordable-for-the-average-earner-despite-wage-rises-nationwide-13161694
Posted by topotaul
House prices still unaffordable for the average earner despite wage rises – Nationwide
https://news.sky.com/story/house-prices-still-unaffordable-for-the-average-earner-despite-wage-rises-nationwide-13161694
Posted by topotaul
8 Comments
“Despite wages rising above the rate of inflation in recent months”. Where do these people work haha?
It galls me that journalists never put practical questions to politicians – it’s always “But how will you pay for that?!” as a way to shut down government taking action on absolutely anything. But there’s never a moment taken to question politicians about the practical implications for what they’ve done to society – Nobody will ever ask Keir Starmer, when he refuses to address housing over the next five years, “But what’s the plan? What are Britons actually supposed to DO?”
Because the question can’t be answered, and it reveals just how far British society has been allowed to crumble. And if there’s one thing the media isn’t here to do, it’s to hold politicians to account.
Depends on what kind of property you’re trying to buy. If you’re a single person (like most people on Reddit), 1-bed flats can be had for around £100k-£150k – even less in some cases.
So if you’re on the average wage of around £30,000, you can borrow up to £135k. The issue is, unless you’re living with your parents or are due some kind of inheritance, it can be difficult and time-consuming to save up a decent sized deposit, as most of your wages are sinking into renting costs.
A £200 a month wage rise isnt going to undo the fact that house prices should be around £70,000 now.
Until net migration is brought way down, prices and rents will continue to rise. The issue is supply is not keeping up with demand and this creates a chronic shortage of housing. You can’t have rapid population growth and also decrease house prices unless you build a completely unrealistic number of new houses every year. It’s much, much easier to rapidly grow your population through immigration than it is to expand infrastructure and public services.
Labour have based their success on growing the economy with no real backup plan. With most of our trading partners shifting to protectionist right wing policies , war in Europe and and ever aging population I doubt there will be any meaningful growth. If their is it will be held in the hands of the top 10% anyway.
But don’t worry we can blame immigrants in a few years and elect a bunch of nutters like everyone else seems to be doing at the moment..
Yeah because its house prices that are the issue not wages.
Something that can only be fixed by increasing supply.
Either lift wages up out the pockets of share holders and CEOs. Or drop the house price’s to meet needs. A young couple on less than 50k can’t buy in north west Essex because…it’s 400k plus for a poxy tiny New build.. nearly half a million quid.. so bored of this.