'Average weekly shop would cost £450 if based on UK house price inflation' - Shelter
Published by Jon Land for 24dash.com in Housing and also in Bill Payments
'Average weekly shop would cost £453 if based on UK house price inflation' - Shelter
An average family’s weekly shop would cost £453 if food had risen in line with UK house prices over the last 40 years, according to figures published by Shelter today.
To highlight the extent of the UK’s dysfunctional housing market, the housing charity analysed the cost of a typical weekly shop for a family of four based on house price inflation since 1971.
At that time the weekly shop cost £10.40, and the average home £5,632. By 2011 the price of the average home had shot up to £245,319 – over 43 times more expensive. This puts the average weekly shop at £453.23.
Applying the same rate of inflation to everyday food items reveals that:
- A 4-pint carton of milk would cost £10.45
- A chicken would cost £51.18
- A bunch of 6 bananas would cost £8.47
- A box of 6 eggs would cost £5.01
- A loaf of sliced white bread would cost £4.36
- A leg of lamb would cost £53.18
Shelter is warning that homeownership has become unaffordable for millions of young people and families who, despite working hard and saving up, still can’t get their foot on the ladder.
A recent poll by the charity showed that 59% of British adults who don’t own a home believe they’ll never be able to afford to buy in their local area. Many are left with a choice between living at home with parents or bringing up their children in insecure private rented housing.
Shelter’s chief executive Campbell Robb said: “The high cost of food is already a real concern for people, so if prices reached these levels there’s no way we’d accept it. Yet 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.
“With more young people and families priced out homeownership is already starting to fall, which in turn is driving up the cost of renting. Unless something changes, the next generation will it even tougher to find a stable and affordable home.”
Information on UK house price inflation was sourced by Shelter from the ONS House Price Index tables, which show that the average UK house price in 1971 stood at £5,632 compared to £245,319 in 2011.