There is a wide range of opinions on how to solve the crisis now facing the UK housing market. Affordability is not the only problem. A massive shortage in available housing is causing potential buyers to either remain under the roof of mum and dad or search out optional housing in the form of rental property. All this adds up to severe issues by the year 2020 with no predominant solutions. Add to the problem the ratio of housing cost to salaries and the problems only compound.

Recently released data has just dropped even more pressure on the existing housing problem now occurring in London. Housing prices are now sitting at more than 14.5 times that of the common London residents’ salary. This only increases the challenges faced today by anyone looking to buy property in the capital city.

The average price of a property in the middle of the city is just shy of £500,000.

Young buyers seeking to purchase their first property are the ones most greatly affected. Seeing the average salary within the city is now £34,200, young people are facing an almost impossible situation. Figures are from October of this year.

Young people do have something to be encouraged about however. In Philip Hammond’s first message to potential buyers he omitted the stamp duty for young people attempting to buy a piece of property valued up to £300,000. He also placed a stamp duty holiday on the first £300,000 for properties valued up to £500,000.

Average salary and average house price is at a ratio which is now wider than ever before.