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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.
After adjusting for inflation, the average cost of a home increased by a factor of 3.4 between 1950 and 2012. [58] In September 2015 the average house price was £286,000, and affordability of housing as measured by price to earnings ratio was 5.3. [59] The UK's home dwelling cost per type in July 2018 was on average: [60] Detached: £378,473
The costs include search costs, real estate fees, moving costs, legal fees, land transfer taxes, and deed registration fees. Transaction costs for the seller typically range between 1.5% and 6% of the purchase price. In some countries in continental Europe, transaction costs for both buyer and seller can range between 15% and 20%. Long time delays.
Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014). [3] Foreign investment plays a substantial role in the UK's real estate market, particularly in London, and foreign companies and individuals invested around £20billion in UK real estate in 2012. [4] [needs update]
The cost of building a house varies by country widely. According to data from the National Association of Realtors, the median cost of buying an existing single-family house in the United States is $274,600, whereas the average cost to build is $296,652. [10] [11] [when?
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The United Kingdom’s decision to hand the center-left Labour Party a parliamentary majority comes at the same time Europe is broadly in the grip of what some call a right-wing populist surge.
Since 2010, the percentage of those living in detached houses across the EU 27 has remained stable, with the percentage of those living in detached houses remaining in the range of 34.5% to 35.8%. The only region of Europe with a distinctive trend is the Nordic countries, where the percentage of those living in detached houses is in steady decline.