Average salaried people 'need a housing price crash'

The only hope for people with average salaries is that a massive crash happens in the property market, according to housing experts.

Housing is currently so unaffordable for those with average salaries that the National Housing Federation says even if the market slows, there will still be a very sizeable proportion of people who will need assistance to get on the property ladder.

"The last time we compared house prices to salaries last year, we found that the average house price in England was eight times the average salary," said a spokesperson from the National Housing Federation who added that mortgage lenders are currently offering only three to five times your salary.

Therefore a massive crash is the only way you could see people actually being able to afford such homes.

Of course there are other options for those strapped for cash. Self-building or renovating a decrepit house can be much cheaper than buying a property.


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