UK

5 Insane Facts On How House Prices Have Risen Faster Than Wages

17/02/2014 11:09 GMT | Updated 17/02/2014 13:59 GMT
RP

As house prices have continued to rise, Bank of England governor Mark Carney has already admitted he can do nothing but "watch" the housing market.

New research has shown that the effect of house prices continuing to rise faster than wages means that homes are now more unaffordable than they were in 1997.

According to local authority data compiled by Shelter, if wages had risen as fast as house prices, an average single person in England would have an extra £29,000 on top of their salary whilst an average couple with no children would have an extra £59,000.

"Unaffordability is increasing in every local authority meaning people are potentially either priced out, over- stretching themselves or trapped in unaffordable renting," Shelter warns.

HuffPostUK has compiled five more horrifying facts about how much better off you would be if wages had risen as fast as house prices have over recent years.