December 2020 saw yearly average house prices rise by 8.5%, the highest percentage increase since October 2014. This has mostly been due to the Stamp Duty Land Tax (SDLT) holiday which has encouraged sellers to increase asking prices thanks to reduced purchasing costs.
It is shocking to see how much house prices can vary for different parts of the country. It is a fact that the price of renting, buying, or both in some cases, has increased faster than wages and income. According to Full Fact, the average real wage fell from the start of the global financial crash of 2008 until mid-2014. However, as Halligan notes, the average UK home costs eight times someone’s annual earnings.