Property in the UK is less affordable today than it was 50 years ago, according to a new survey.
The report, published by Halifax, suggests that house prices have risen by an average of 2.7 per cent every year since 1959, with inflation factored in. But wages have grown in real terms by just 2 per cent a year - resulting in a larger gulf between those who can and cannot afford housing.
The 1980s saw the largest increase in the number of owner-occupiers. It was during this period of high growth that the UK began to really outstrip the rest of Europe in terms of home ownership.
This has had mixed results for professional landlords. Demand for rented accommodation is now more scarce as individuals are prepared to plough more of their income into owning a home - despite it being a more expensive proposition. But certain parts of the rental industry have seen significant growth; higher student numbers, for example, has meant a significant increase in demand in university towns.
There is also an increasingly large proportion of the population that cannot afford their own home. First-time buyers find it particularly difficult to get on the property ladder, and this looks set to continue as mortgage lending remains tight.
There has been an increase in property sales over the last 12 months, despite a blip in December.
