Shocking doesn't even begin to cover it.
The Times cited a new study showing only 10.4% of British renters aged 20-44 can afford their first home—and that figure includes couples' combined income. For single renters in the same age group, the rate plummets to 2.9%.
The situation grows bleaker: Labour's 1.5 million new homes target remains elusive as developers cite weak demand and halt construction plans.
Yet prices continue climbing. Rightmove's May report reveals:
Monthly increase: +0.6% (5th consecutive rise)
Annual increase: +1.2%
National average: £379,517 (~¥3.68 million at 9.7 exchange rate)
While this marks a new record, the seasonal price growth is the slowest since 2016 due to surging inventory levels. Potential rate cuts later this year could boost buyer activity.
First-time buyers aren't spared either—their average purchase price rose 0.7% annually to £229,648.
Key regional trends:
Northwest England leads annual growth at +3.9%
London posts modest +0.7% annual gain but +0.4% monthly growth (average price: £701,990/~¥6.75 million)
Haringey (+5.3%), Richmond upon Thames (+4.5%), and Hackney (+4.3%) top London's annual growth chart
Westminster sees -3.4% decline, the steepest drop
Market Outlook:
Despite supply-demand imbalances and political uncertainties in London, experts note pricing strategies remain critical. Broader selection, potential rate cuts, and seasonal factors may create opportunities for summer buyers.
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