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Morning Star

House prices jumped 9.8 per cent last year

HOME ownership flew further into fantasy land last year with prices leaping by an average of 9.8 per cent despite the longest wage slump since the 1800s.

Every part of Britain saw the cost of buying a house or flat up in 2014.

Wales, the West Midlands, eastern, south-eastern and south-eastern England all hit record highs in December, pushing the average cost of a home to a first-time buyer to £208,000.

And in London the average price of a home reached £502,000 — requiring a couple to earn around £50,000 each to get a mortgage with a 5 per cent cash deposit.

Charity Shelter Campbell Robb described the house price rises as yet another blow for millions of people “with barely a hope of getting on the housing ladder.”

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