LONDON — For many young people in the UK, homeownership is but a distant dream. It’s the sort of thing you talk wistfully about in the pub to friends, but will never actually achieve.
Britain simply does not have enough housing, which is pushing prices up and making home ownership unaffordable for much of the population.
The average price for an entry-level property is now £140,000, up almost 20% in the past ten years, according to the Office for National Statistics.
To help hammer home just how bad the problem is for first-time buyers, the ONS has put together a handy, if depressing, interactive tool to calculate how much you’d need to buy a property in your area.
“A quarter of neighbourhoods in England and Wales were off-limits to many prospective homeowners last year because average income in these areas was below the level needed to buy an entry-level property,” the ONS says.
The tool calculates affordability by looking at average house prices, how much prospective buyers need in savings, and the average income needed to get a mortgage.
Here’s the tool — simply enter your postcode and weep: