The cost of living has gone up by more than 50% since 2015, with the average house costing £2.3m to buy, according to a new report.
A further 11% of properties in England and Wales are now on the market for less than £500,000, according the Institute for Housing, Property and Property Research (IHPR).
The survey found that the cost of housing has risen by £1.3bn in the last five years, rising from £3.2bn in 2015 to £4.7bn last year.
The number of houses that are on the auction block is also increasing, with nearly a third of all homes in England selling for less now than five years ago.
The report’s author, Richard Price, said: “It’s become increasingly clear that there is a huge disconnect between the cost and availability of housing.”
The reality is that people are paying a lot more for housing than they are earning, which means people are spending less.”‘
A lot of people are in debt’ It is estimated that the average person spends around £3,000 on housing a year.
This includes mortgage payments, council tax, rent and utilities.
The cost to buy a house has also increased in the past five years.
In 2015, the average price for a house was £1,800, with an average cost of around £500.
The survey also found that there are around 13 million people in debt to their landlords, with a median mortgage debt of £2,000.
The median rent for a London property was £2 a week in 2015, up from £1 a week at the end of 2014.
There are also a growing number of renters, with around 10 million people currently renting, with only around one in 10 renting a property for more than a year, the report found.
The average household’s debt rose from £30,000 in 2015-16 to £62,000 last year, rising to £84,000 this year.
Overall, the number of people living in a household debt has increased by 6.2% since 2014-15.
Richard Price said: ‘It is now a much more complex situation than it was five years previously, with debt levels rising faster than incomes.’
It is a lot of money.
You can’t just sit in your own home and live your life.’
People are in a lot less debt than they were five years earlier.’
Richard Price from the Institute of Housing, Value, Property, Research (HVPR) said the report showed the housing market was ‘not sustainable’ and that the Government had failed to tackle it.
‘We need to build the housing infrastructure that works for people, rather than the housing that works against them,’ he said.
‘The housing market is not sustainable and the Government needs to do more to make it work.’
He said the housing crisis had a ‘huge’ effect on people’s lives.
‘It’s a situation where people can’t live as they want to, but people are very frustrated by it.’
This is a consequence of our society being based on scarcity.
We are a society that doesn’t provide people with the opportunity to build their own homes.’
If people don’t have the opportunity for that to happen, they don’t think that the country will be as successful as it is today.’
The housing crisis is a result of this scarcity and the inability of the Government to provide people housing.’
We need a more ambitious strategy to tackle the housing shortage.’
In its latest Housing and Urban Development (HUD) report, released in January, the Government said that the number and proportion of people in housing poverty had increased by 25% since 2013, with some communities experiencing a 25% increase in housing insecurity.
However, Richard said that while the proportion of households that were in housing stress had increased, the rate of housing insecurity has also dropped.
He said: ”The reality on the ground is that the supply of affordable homes is very low, and many people donít have the ability to pay for the home they want.”
It is not just in England that people living with housing insecurity are struggling to get by.
In Wales, Scotland, Northern Ireland and Northern Ireland alone, almost a quarter of households in housing need are living in housing insecure.’
Some of the best places to live are places where there are very few places for people to live and where there is very little social housing.’
‘We have got to make sure that this situation doesn’t get worse’ Housing insecurity affects all households, the survey found.
Richard said: You are more likely to be in housing debt if you have a mortgage, or if you are in the middle income bracket.
”When you have no choice but to pay your mortgage, you are more at risk than if you get a mortgage and have a good deposit.”
If you are paying off a loan, you doníve got the time or the ability or the resources to