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Housing affordability in UK attains minimum at year-end 2016

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Housing affordability in UK attains minimum at year-end 2016

In 2016, a gap of the salary growth rates to the rates of increases in real estate prices in the UK has made housing the least affordable in the entire history of observations, according to the UK National Statistics (ONS).

Last year, an average cost of housing in the country exceeded 7.72 times an average annual income of a Briton, which is slightly higher than the level of 2015 (7.52%). Thus, the availability of housing in the country in 2016 reached a record low since the beginning of the the data calculation by ONS in 1997.

For comparison, in 1997, an average price of housing in the UK was greater 3.54 times than an average income of a resident of the country.

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