Wages are failing to keep up with soaring house prices, leaving homes less affordable than at any point in recent memory.
Data from the Office for National Statistics shows that the average house price reached £292,000 in July, up from £253,000 a year earlier (an increase of 15 per cent). Nominal wages have only risen by 5.7 per cent in that time, leaving the average house price equivalent to more than nine years of average earnings for the first time since comparable records began in 2005.
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