Property prices set to rise in years to come
According to the National Housing Federation (NHF) UK house prices are set to increase by 40% over the next 5 years to an average of around £300,000. They also confirmed that the average home is 11 times annual earnings of the average person.
The most interesting part of the report stated that house prices have risen by over 150% while average earnings have risen by only 35% which leaves many with a huge leap to get on the property ladder.
This will make depressing reading for many on the lower end of the earning spectrum and will need to be addressed by Gordon Brown and Alistair Darling in years to come. Affordable housing was one of the main pledges of Gordon Brown’s leadership.