House prices have rocketed compared to wages in the last ten years, according to the National Housing Federation (NHF).
According to its research, the average price of a home was £121,769 in 2001, with the average salary £16,557.
By 2011 the average home had increased 94 per cent to £236,518, however, wages have increased just 29 per cent, with the average now £21,330.
NHF also found that saving for a mortgage is also harder, with the amount of deposit needed to get a mortgage up 386 per cent.
In 2001 the deposit for a typical 90 per cent mortgage was £12,177, which equates to about nine months salary. But by 2011 the amount banks were willing to lend was less so the deposit needed for a typical 75 per cent mortgage was £59,129, almost three years salary.
NHF chief executive David Orr said: “These shocking figures show that it is getting increasingly harder for millions of people to buy a home of their own in the current climate.
“With the gap between income and house prices growing ever wider, people can often feel like they have to win the lottery to be able to buy in their local area.
“A shortage of homes means the price to buy them is being pushed ever higher by the market, and out of reach of millions of hard working families. Unless we start building more homes people can truly afford to match the demand, this will only get worse.”
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