Britons are starting to give up on buying a property

It looks like people are officially starting to get fed up with Britain’s booming housing market and rocketing property prices.

The number of UK households planning to buy a property in the next 12 months is at the lowest level ever recorded, according to data from estate agents Knight Frank and financial information provider Markit.

Some 4.6% of UK households said they planned to buy a property in the next 12 months, which is down from 5.9% in August.

The report said that it’s not just high prices putting people off — it’s also the lack of property on the market to buy.

“The number of people saying they are planning to buy a home within the next year fell to the lowest level recorded since we first starting asking this question in April 2014,” said Gráinne Gilmore, Head of UK Residential Research at Knight Frank.

“This may not only be reflecting affordability concerns, but also the availability of stock on the market, as houses listed with estate agencies across the country remains close to record lows.”

The latest data from the Office for National Statistics show that the average house price in Britain is at £284,000 ($US437,739). In London it is at £525,000 ($US804,000). The average annual earnings for an ordinary Briton is at £26,500 ($US40,596).

An entire year’s average salary only equates to 5% of the price of a property. The average deposit to buy a house is 10%.

Knight Frank and Markit’s report said house prices will keep rising which may exacerbate affordability concerns.

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