New Times,
New Thinking.

  1. Election 2024
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 The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via
  • 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 Progressive Media Investments 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.

Content from our partners
Peatlands are nature's unsung climate warriors
How the apprenticeship levy helps small businesses to transform their workforce
How to reform the apprenticeship levy

Topics in this article : ,