The average house in Wales now costs six times the average annual disposable income in the financial year ending March 31 2021, according to a recent report by the Office of National Statistics. The new data released by the ONS shows that the average home in Wales cost around £176,000 in 2021.
Meanwhile, the average household had a median disposable income of £29,356, which meant those households would have had to spend around six times their income to buy a house. Back in 1999, when the figures began to be collected, the average home cost nearly four times the average household income.
On top of this, the average house price in Wales is 12 times the yearly income of the poorest 10% of households. For those in the 10th percentile of household income, they would have to save their entire income for 12.09 years to be able to afford the average home. For those in the 90th percentile - the top 10% of income earners, however, they would only need to save their income for 3.18 years to be able to buy the average house. You can get more property news and other story updates straight to your inbox by subscribing to our newsletters here.
