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The gap between average income and average housing prices changed between 1985 and 2015 from twice an average salary to up to six times average income. Median house prices in London the median house now cost up to 12 times the median London salary. In 1995, the median house price was £83,000, 4.4 times the median income.
The lack of affordable housing is one of the most critical issues facing rural communities in the UK. [citation needed] This results in people have to move away to find affordable housing, which means that families are separated by distance and are less able to support each other by providing childcare or to do shopping for elderly relatives.
Housing in the United Kingdom represents the largest non-financial asset class in the UK; its overall net value passed the £5 trillion mark in 2014. [1] [needs update] Housing includes modern and traditional styles. About 30% of homes are owned outright by their occupants, and a further 40% are owner-occupied on a mortgage.
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The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...
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A house for sale by its owner. For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property.
Local governments usually appropriate state-owned land to real estate developers, who are responsible for the finance and construction of affordable housing. [25] The profit for real estate developers is controlled to be less than 3%, [26] so as to keep the price of housing at the affordable level. Individuals need to apply for the affordable ...