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Extract C: Selected indicators of the affordability of buying a house
Figure 4
Average UK house price, average weekly earnings in nominal terms and their annual percentage changes, December 2007 to December 2017
Date | House Price | House price, annual percentage change | Weekly earnings | Weekly earnings, annual percentage change |
---|---|---|---|---|
December 2007 | £189 193 | 7.0 | £425 | 2.9 |
December 2008 December 2009 | £160 954 £168 082 | -14.9 4.4 | £435 £439 | 2.4 0.9 |
December 2010 December 2011 | £168 703 £167 048 | 0.4 -1.0 | £449 £457 | 2.2 1.8 |
December 2012 | £168 843 | 7.7 | £462 | 1.0 |
December 2013 December 2014 | £177 971 £191 669 | 5.4 7.7 | £468 £480 | 1.4 2.5 |
December 2015 December 2016 | £204 919 £215 500 | 6.9 5.2 | £489 £498 | 1.9 1.9 |
December 2017 | £226 756 | 5.2 | £512 | 2.8 |
Source: ONS, February 2018
To what extent, if at all, do the data suggest that houses in the UK were more affordable in 2017 than they were in 2007? You must use the data in Extract C to support your assessment.
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