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March 25, 2022

How house prices have surged ahead of wages

By Ben Walker

Rishi Sunak’s Spring Statement had much to say about fuel prices but very little 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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