The housing market in the UK has been a hot topic of discussion in recent years, with prices continuing to rise. According to a recent report from Leeds Building Society, home prices have reached a 150-year high in terms of unaffordability. This means that many potential buyers are unable to purchase a home due to the high cost of living.
The report states that the average house price in the UK is now £226,000, which is an increase of 8.5% from the same time last year. This is the highest level since records began in 1868. The report also found that the average house price in London is now £482,000, which is an increase of 11.2% from the same time last year.
The report also found that the average house price in England and Wales is now £248,000, which is an increase of 8.7% from the same time last year. This is the highest level since records began in 1995. The report also found that the average house price in Scotland is now £146,000, which is an increase of 6.7% from the same time last year.
The report highlights the fact that many potential buyers are unable to purchase a home due to the high cost of living. This is especially true for first-time buyers who are struggling to save enough money for a deposit and are unable to access mortgages due to stricter lending criteria.
The report also found that the average cost of renting a home in the UK is now £922 per month, which is an increase of 3.6% from the same time last year. This is the highest level since records began in 2011. The report also found that the average rent in London is now £1,717 per month, which is an increase of 4.2% from the same time last year.
The report highlights the need for more affordable housing options in order to help people get onto the property ladder. It also calls for more government intervention to help reduce the cost of living and make housing more affordable for all.
Overall, this report from Leeds Building Society highlights the fact that home prices have reached a 150-year high in terms of unaffordability. This means that many potential buyers are unable to purchase a home due to the high cost of living and this is having a detrimental effect on people’s ability to get onto the property ladder. It is clear that more needs to be done to make housing more affordable for all and reduce the cost of living.