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The gap between average income and average housing prices changed between 1985 and 2015 from twice an average salary to up to six times average income. Median house prices in London the median house now cost up to 12 times the median London salary. In 1995, the median house price was £83,000, 4.4 times the median income.
The number of social homes is at a record low, over 100,000 households were on council waiting lists for over 10 years. [50] Council houses sold under right to buy are typically sold at half market value, some of the money from the sale has to go to the Treasury. Councils can replace only one in three of homes sold under right to buy. [51]
The UK ranks in the top half in Europe with regard to rooms per person, amenities, and quality of housing. [3] [4] However, the cost of housing as a proportion of income is higher than average among EU countries, [3] and the increasing cost of housing in the UK may constitute a housing crisis for some, especially in London. [5] [6] [7]
The level of funding for the Royal Household is now linked to the Government's revenue from the Crown Estate . The Sovereign Grant Annual Report states that the Sovereign Grant was £31 million for 2012–13, £36.1 million for 2013–14 [ 6] and £37.9 million for 2014–15. The amount of the Sovereign Grant is equal to 15% of the income ...
This resulted in a slight acceleration in the annual rate of house price growth from 1.5% in June, to 2.1% in July – the fastest pace since December 2022. Across the UK, the average house price ...
Income requirement: Can’t exceed 80% of your area’s median income. DTI requirement: Up to 45% (50% in some cases. Fannie Mae’s HomeReady mortgage program addresses one of the challenges of ...
[124] [125] Homeowners then purchase or build a home on land trust property but do not purchase the land thus reducing costs. If the homeowner sells, they may be limited on what they may sell the home for or the family may earn only a portion of the increased property value with the remainder kept by the trust to preserve affordable housing ...
Earlier this year, Freddie Mac conducted research that found that migrating to more affordable metros saves an average of $600 per month on mortgage payments, based on a 6% mortgage rate.