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| Weekly shop 'would cost £450' if groceries had risen as fast as house prices | |
| (about 9 hours later) | |
| The average family's weekly grocery bill would be more than £450 if the cost of food and drink had risen in line with house prices over the past four decades, according to research by Shelter. | The average family's weekly grocery bill would be more than £450 if the cost of food and drink had risen in line with house prices over the past four decades, according to research by Shelter. |
| The housing charity compared the changing cost of homes and shopping from 1971, which it said was the earliest date from which consistent records were available. Figures from the Office of National Statistics show that in 1971 families were spending an average of £10.40 on their weekly shop, while the average home cost £5,632. | The housing charity compared the changing cost of homes and shopping from 1971, which it said was the earliest date from which consistent records were available. Figures from the Office of National Statistics show that in 1971 families were spending an average of £10.40 on their weekly shop, while the average home cost £5,632. |
| By 2011, the average property price was £245,319. If the cost of groceries had kept pace, a family's weekly shopping bill would have hit £453 by 2011, a pint of milk would cost £10.45, while a whole chicken would have a price tag of £51.18, Shelter said. Instead, the average weekly spend by a family of four grew by around seven-and-half-times to £77.40. More important is how house prices have risen in relation to average incomes. While in 1971 the average income was around £2,000 and properties cost around 2.8 times that, by 2011, the average property price had risen to more than nine times the median full-time salary of £26,200. | By 2011, the average property price was £245,319. If the cost of groceries had kept pace, a family's weekly shopping bill would have hit £453 by 2011, a pint of milk would cost £10.45, while a whole chicken would have a price tag of £51.18, Shelter said. Instead, the average weekly spend by a family of four grew by around seven-and-half-times to £77.40. More important is how house prices have risen in relation to average incomes. While in 1971 the average income was around £2,000 and properties cost around 2.8 times that, by 2011, the average property price had risen to more than nine times the median full-time salary of £26,200. |
| Shelter said the figures illustrated "the extent of the UK's dysfunctional housing market" and highlighted the difficulties young people and families were having in finding a stable and affordable home. | Shelter said the figures illustrated "the extent of the UK's dysfunctional housing market" and highlighted the difficulties young people and families were having in finding a stable and affordable home. |
| The charity's chief executive, Campbell Robb, said while rising food prices caused concern: "When it comes to the huge rise in the cost of buying a home over the past few decades, somehow this is seen as normal – even welcome – despite the impact it's having on a generation desperate for a home of their own." | The charity's chief executive, Campbell Robb, said while rising food prices caused concern: "When it comes to the huge rise in the cost of buying a home over the past few decades, somehow this is seen as normal – even welcome – despite the impact it's having on a generation desperate for a home of their own." |
| He added: "Today's dysfunctional housing market isn't the result of the credit crunch or more restrained mortgage lending, but decades of underinvestment in building enough affordable homes." | He added: "Today's dysfunctional housing market isn't the result of the credit crunch or more restrained mortgage lending, but decades of underinvestment in building enough affordable homes." |