Home Front with Jenny Knight
The 16-1 odds on England winning the World Cup are pretty long, but many 20 and 30-somethings reckon that the odds on their buying their first property this year are even longer, says Jenny Knight
Back in 1966 UK house prices were 106 times lower than they are today. Yet according to Trussle, the online mortgage broker, the average UK salary has increased by only 33 times.
When Bobby Moore, Martin Peters and Nobby Stiles turned out in their red and white strip to play for England house prices averaged little more than £2,000. The average is now more than £200,000 but as every Londoner knows even that vast amount won’t get you the keys to the tiniest studio flat in the Capital, where the average house price is a stonking £729,134.
Naturally today’s premier league footballers are not among the glum millennials wondering how much mum and dad might be persuaded to fork out so they can get on the property ladder.
While the 1966 winners were paid a bonus of just £1,000 each the team of 2018 can expect to do rather better. Collectively the England team are reckoned to earn more than £1 million pounds a week from club football and are paid more for international appearances. Informed speculation says that if they manage to win the world cup this time they will each get a bonus of about £300,000.
In 1966 the 22 members of the squad were told there would be a bonus of £22,000 to be shared amongst them. The captain Bobby Moore instantly said that it should be split equally among the squad irrespective of who actually played.
According to mortgage brokers Trussle normal wages have risen on average from £798 a year to £26,500 a year in the past 52 years, meaning it is now three times harder to get on the property ladder than in was in the summer of 1966.
Ishaan Malhi, CEO and founder of Trussle, said: “A lot of has changed since England won the World Cup. We’ve seen the UK housing market change dramatically. Prices have soared and wages have struggled to keep pace. For young people, the chances of getting on the property ladder today will feel a lot slimmer than they did in 1966.”