The average UK
property is going to be ten times the average annual salary.
A recent National
Housing and Planning Advice Unit (NHPAU) housing study (the body charged with managing governmental plans for expanded house building) states that 270,000
new homes should be built per year.
This would be an increase of 30,000 on governmental targets.
Should more houses not be built across the country house prices could increase up to ten times the average earnings by 2026.
The situation would be worse in the south-west and south-east, with
homes there being 12.9 and 12.4 times incomes respectively.
In
London, house prices are likely to be 11 times incomes. In the longer term, house prices ought to increase even further.
If action is not taken in the short term, an entire generation of home buyers are not likely to get a foot into the
property market . This would apply not just in London, however, across large sections of England. An additional problem that would present itself is that current homeowners would not be likely to be able to move on to better and bigger homes .
