Source · Select Committees · Housing, Communities and Local Government Committee
Recommendation 1
1
The price of homes in England has risen faster than wages and inflation, and the...
Conclusion
The price of homes in England has risen faster than wages and inflation, and the average home now costs more than seven times the average income; in the 1990s, the average home cost less than four times the average income. Over the long term, the ratio between wages and house prices needs to return to a more reasonable level. Many people in England who want to buy a home of their own are unable to do so because homes in this country are simply not affordable enough. Being unable to own your own home can have a damaging effect on the economic and mental wellbeing of those unable to do so. (Conclusion, Paragraph 4) A complex challenge