Posted by: katalysis
Startling evidence from the OECD (Organisation for Economic Cooperation and Development) last week, warning that “…unaffordable housing is harming productivity, damaging GDP growth and living standards”. This warning comes as house prices increase beyond the grasp of many would-be First-timers.
House prices have, on average, increased by 259% over last 20 years, whilst wages have risen by 68%. Or put another way, (according to ONS), average working people in England and wales can now expect a property to cost 7.6 times their income, as opposed to the 3.6 times it cost in 1997. Apart from those seeking to move to much cheaper areas, or abroad, higher prices don’t really help owner occupiers as much as they think.
One main driver has been lack of supply so maybe the OECD is right to suggest more land is made available. The other is interest rates – starting to rise in the US. So time to assess? Maybe!…
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