As the term ‘housing crisis’ becomes ingrained in the British lexicon and millions of people face uncertain futures, seven organisations suggest their solutions
Britain is in the midst of a housing crisis. The average house in the UK now costs £253,000 – more than nine times the average salary and 44.9 times higher than in 1971, when a typical house cost £5,632. To put that in context, according to the charity Shelter, if the price of everyday items had risen at the same rate of inflation, a dozen eggs would now cost £10.33 and a jar of instant coffee £33.69.
Yet house prices continue to rise. Data from the Office of National Statistics show that prices are rising at their fastest since June 2010, up 9.1 per cent in the year to February 2014. Prices in London are up 17.7 per cent, the biggest jump since July 2007. It’s no surprise people are struggling to get on the property ladder.