According to official States figures, average house prices appear to have more than doubled since 1999 – an increase far ahead of earnings.
The average property price increased from £244,000 in 1999 to £497,000 last September – a rise of 103%.
However, the gulf between the house price increase and the annual rate of increase in average earnings of 57% shows that property ownership is further away than ever.
And the figures show that public spending has grown by 80% since the year 2000. Allowing for the rise in inflation, the real growth has been just under 5% – probably in part due to a 9% rise in the number of public sector employees.
