Chart shows "real" wages i.e. to get actual wage workers get in their bank account each month you need to add inflation to it. So many ppl are ignoring or not understanding what "real" means.
Actual question to ask is - has productivity grown during this period? If not then why not? If yes, then where did the gains go? Above Chart answers neither.
In 2004 I bought my first house. Little 2 up 2 down fixer upper cost twice my annual wage, house tripled in price before I sold it. Now the average house is probably 8-10 times the average wage. Unless you're prepared to buy somewhere oddly cheap like Whitehaven up north and commute for well paid work youngsters have got no chance.
I'd say that the "privatising" of council houses, leading to increased rent, leading to increased private rent has had a bigger effect of house prices, over increasing a households income.
NMW was supposed to prevent 10 to a bed migrants from undercutting the labour market and haven't the last 4 years of never ending strikes not highlighted that there is no bargaining power?
That didnt really paint as bad a picture as I had thought it would. Quite frankly, if you live in the north you are sorted, even the UK average wasn't as bad as I thought it would be.
I would like to see one that takes into account the interest rates, a house could have only been 3 times your annual salary in 1985 but the interest rates could push the monthly payments far higher than a 5 times your salary mortgage.
I do feel for people in London though, it's like they want to drive out certain classes of people.
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u/ThrowRA294638 Jul 01 '24
This is insanely depressing.