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Analysis by Search Acumen of official data shows in the 14 years since the Bank of England base rate last exceeded 2%, the average UK house-price-to-income ratio has increased from 7.7x in November 2008 to 9.8x in July 2022. Historic data from Halifax indicates the house price-earnings ratio was lower than 3.0 from 1951-71.

“It’s bizarre to think the job of Housing Secretary has become such a fleeting, high-turnover role when most people spend a big chunk of their youth stretching for the funds to get onto the property ladder and then three decades or more paying their mortgage.

Latest ONS HPI figures have been published this morning and show: On a seasonally adjusted basis, average house prices in the UK increased by 0.5% between May and June 2022, following an increase of 0.8% in the previous month, and UK average house prices increased by 7.8% over the year to June 2022, down from 12.8% in May 2022.

Andy Sommerville, Director at Search Acumen, says: “Transactions are naturally down from the incredible heights we saw in 2021, and we have seen a month on month decline with volumes tracking below pre pandemic figures.

Search Acumen’s analysis indicates over 100,000 property transactions have been completed in local authorities which have adopted HM Land Register’s digital register for local land charges