Support 100 years of independent journalism.

  1. Politics
20 May 2021

How UK house prices have soared ahead of average wages

The average house price is 65 times higher than in 1970 but average wages are only 36 times higher. 

By Amy Borrett

UK house prices rose by 10.2 per cent in the year to 2021, new figures showed yesterday – the highest annual growth rate since August 2007.

Since 2000, house price growth has significantly outpaced wage growth
UK average house prices and weekly earnings (12-month rolling average), indexed to Jan 1970

Since 2000, UK house price growth has significantly outpaced the rise in average earnings. The average house in March 2021 cost more than 65 times the average UK home in January 1970, but average weekly wages were only 35.8 times higher, according to data from the Office for National Statistics. 

On the average weekly wage, which was £616 in March 2021, it would take more than 416 weeks to buy the average UK property outright – and that’s if you spend none of what you earn. This crisis in housing affordability is particularly acute in cities such as London, which was the most insecure place to live during the pandemic, according to a City Monitor analysis.

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Content from our partners
What are the green skills of the future?
A global hub for content producers, gaming and entertainment companies in Abu Dhabi
Insurance: finding sustainable growth in stormy markets

Topics in this article: ,