Average-sized English homes too pricey for average earners
England and Wales now have no regions in which the average worker can afford to buy the average-sized home, after a house price boom put all but the smallest spaces out of reach of many earners.
Even in north-east England, the most affordable region, a buyer with a 25% deposit can afford only 884 square feet of space — just shy of the 893 sq ft median home size, according to exclusive research by the property agents Savills.
England and Wales now have no regions in which the average worker can afford to buy the average-sized home, after a house price boom put all but the smallest spaces out of reach of many earners.
Even in north-east England, the most affordable region, a buyer with a 25% deposit can afford only 884 square feet of space — just shy of the 893 sq ft median home size, according to exclusive research by the property agents Savills.
In London, the average worker, even with a 25% deposit, can afford just 292 sq ft. This is 100 sq ft smaller than the minimum space standard used by planners for one-bedroom apartments, and a third of the size of the average home nationally.
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