Show Us The Money
In The News Thursday, April 17th, 2008
Shelter, the homeless charity, should know about housing costs.
They have released some very alarming statistics showing how much it would cost to buy a property in the UK. The strike action taking place on 24th April has been attacked, predictably, for letting students down. But when teachers’ pay is so low – they need to make over £60,000 pa to buy a house – that to even consider buying a property is not an option. Surely even the most managerial and unquestioning of people should start to see sense. Well, here’s hoping!
LONDON
1997 2002 2007
Average first time buyer house price £73,962 £169,975 £258,756
House price to income ratio 1.98 3.27 4.30
Average monthly repayment £436.60 £822.34 £1,343.10
Average repayment as % of average income 14% 19% 26.8%
Source: Shelter