The economy is yet to pull itself out of the doldrums, but it seems that the rise in property prices hasn’t yet been affected. Over the past two decades, the rise in house prices has been extraordinary to say the least.
However, the rise has been faster in some areas than others, as this infographic clearly displays. While London and the South East of England have seen the average price soar to beyond the £250,000 mark, North East England has seen average prices tumble.
As a result of the rapid rise in the cost of owning a home, many people are finding it difficult to even get to the first step of the property ladder. The fact that, over the course of 14 years, the average house price is now more than four times as much as the UK’s average salary in 2012 compared to just 2.5 times in 1998 proves that.
Infographic from Emortgagecalculator.co.uk