The average house price in Great Britain has risen above £350,000 for the first time, according to property website Rightmove. From 2021 to 2022, house prices in all regions and countries except London and Scotland rose by 10% and are now approaching a level (house price to income ratio) last seen at the height of the economic and housing boom of the 2000s.
As a result, middle-income households are priced out of the market. This is an ongoing phenomenon. The UK government’s statistics show that the proportion of people who owned and lived in their own home peaked at just under 71% in 2003 in England. By 2020, it had fallen to 64%.
