With house prices through the roof, young buyers’ hopes go out the window

But with government more keen on avoiding a crash than addressing inequality, property prices look safe

House prices are soaring and gazumping has returned in property hotspots. The average cost of a home jumped by 13.4% in June from the same month last year, according to Nationwide building society.

This is more than four times the 3% annual rate of growth in wages during April and more than six times the 2.1% increase in consumer price inflation (CPI) registered in May. According to upmarket estate agent Knight Frank, figures out next month are likely to show sales across Britain hitting an all-time record.

10bn of help-to-buy subsidy has done nothing to make homes more affordable for first-time buyers