Why are some homeowners getting more than they pay for?
Posted On July 26, 2021
The average cost of buying a home in the UK rose by 4.7% last year, with most homes costing more than £1m, according to the latest figures from the Office for National Statistics (ONS).
The figures, published on Thursday, were the biggest jump on a year-on-year basis.
Home buyers are paying a lot more than average in part because of higher costs of living and the impact of the financial crisis.
Some buyers are also getting a bigger cut than average due to their higher incomes.
The ONS said the average buyer paid a total of £3,935 a year on average in the last 12 months.
The ONS is also warning that more than 1m UK households have fallen behind in their mortgage repayments, meaning they will struggle to afford a deposit on a home if they want to buy one.