How house prices have surged ahead of wages

While wages have risen by 94 per cent since 2000, house prices have risen by 224 per cent.

Rishi Sunak’s Spring Statement had much to say about fuel prices but very little to say about house prices. For the last ten years wages have grown faster than petrol prices but both have been dwarfed by the UK’s property market.

Average house prices have long outpaced wage growth and the gap only widened during the pandemic.

Since 2000, average wages have grown by 94 per cent. This sounds impressive enough until you compare them to house prices, which have grown by 224 per cent over the same period.

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Ben Walker

@bnhwalker

Ben Walker is a senior data journalist at the New Statesman and writes extensively about elections and UK public opinion. He is the co-founder of poll aggregator Britain Elects.