Britons are starting to give up on buying a property
Reuters
The number of UK households planning to buy a property in the next 12 months is at the lowest level ever recorded, according to data from estate agents Knight Frank and financial information provider Markit.
Some 4.6% of UK households said they planned to buy a property in the next 12 months, which is down from 5.9% in August.
The report said that it's not just high prices putting people off - it's also the lack of property on the market to buy.
"The number of people saying they are planning to buy a home within the next year fell to the lowest level recorded since we first starting asking this question in April 2014," said Gráinne Gilmore, Head of UK Residential Research at Knight Frank.
"This may not only be reflecting affordability concerns, but also the availability of stock on the market, as houses listed with estate agencies across the country remains close to record lows."
The latest data from the Office for National Statistics show that the average house price in Britain is at £284,000 ($437,739). In London it is at £525,000 ($804,000). The average annual earnings for an ordinary Briton is at £26,500 ($40,596).
An entire year's average salary only equates to 5% of the price of a property. The average deposit to buy a house is 10%.
Knight Frank and Markit's report said house prices will keep rising which may exacerbate affordability concerns.
Knight Frank/Markit
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market