Average house prices in England are 8.4 times higher than the average household income, new figures from the Office for National Statistics (ONS) reveals.

The stats show that in England, the average house price was £275,000 in the financial year ending 2022, while the average annual disposable household income was £33,000.

In Wales, the averaged-price home was £185,000 compared to £29,000 for the average income, meaning it would take most people 6.4 years of income to buy outright.

In Scotland, the average house price of £170,000 was 5.3 times higher than the average income of £32,200.

Meanwhile, in Northern Ireland the average home was £151,000 compared to the average income of £29,600 (5.1 times higher).

Figures show, on average, homes in all four countries have sold for more than five years’ worth of average household income since 2017.

The ONS stats also reveal that in England, only households in the top 10% of income can now afford to pay for an average home with fewer than five years of income.

This is in comparison with the top 30% in Wales and the top 40% in Scotland and Northern Ireland.

ONS says that, while wages in England and Wales have grown faster since 2000 than UK inflation, house prices have increased considerably faster than incomes.

Housing affordability has worsened even more since its 2022 report was published; it adds.

There is a wide variation in both household income estimates and house prices by area.

An average price home in the North East cost the equivalent of almost 12 years of income for a low-income household compared with over 37 years in London.

Average house prices in England for the 12-month period to December 2022 ranged from £120,000 in Burnley to £1,390,000 in Kensington & Chelsea.

ONS says homes have become less affordable in all areas of the UK.

This could perhaps explain the increase in the number of families in England and Wales with adult children living with their parents.

The figures reveal this has risen 13.6% between the 2011 and 2021 Census.

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