James: So just under £950 a year. That puts him on just above the average income for that period and the house was just under. The big point is that the house cost about three and a half times what he earned in a year. It was the same for me and my wife 34 years later, though our first flat cost £180,000. And we didn’t need a deposit. Today, the average house price is just shy of £230,000 and the average salary is about £27,000. In other words, the average house now costs about eight and a half times the average salary. It doesn’t matter how hard they work, Doris, their experience is never
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