Britain's property market is in deep trouble – these charts show why [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
But the party may be coming to an end. Optimistic growth forecasts issued by estate agents are becoming less cheerful by the month, as the reality of an overvalued, overheated market begins to set in. Here, we explore the data that lays bare the crumbling foundations and the worrying state of the UK's housing market. The UK economy was in a very different place 15 years ago when the property market was booming. Wages have stagnated since the financial crisis, while property prices have soared. In 2009, the average property in England cost 6.4 times the average salary; today it costs 8.3 times more, according to the ONS. Not only is property more expensive compared to wages, but borrowing costs are far higher. This has been felt most acutely by those wishing to take out the largest home loans. In 2021, the average two-year fixed mortgage rate was 2.34pc, according to analyst Moneyfacts. Somebody taking out a £500,000 home loan at this rate would have had monthly repayments of £2
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