House prices rising at fastest rate since 2007
House price growth outstripped the growth in wages in over 90% of England and Wales in 2021, reports The Office for National Statistics (ONS).
The ONS said house prices grew quicker than earnings in a total of 91% of local authority districts.
In England a home typically cost an average of 9.1 times earnings, which is up from 7.9 times earnings in 2020, said the ONS. In 1997 this figure was around 3.5.
This data comes after a number of surveys showing that, two years on from the beginning of the Covid pandemic, the housing market remains buoyant. This month the Halifax said UK house prices were increasing at their fastest rate since 2007.
According to the ONS, last year average property prices in England increased by 14%, while average earnings fell by almost 1%.
Other data, from the Land Registry, showed that annual UK house price inflation was at 9.6% in January, which is slightly down on December’s 10% figure, taking the average price for a house to £273,762.
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