As of November last year, average earnings were £457/week, which at current exchange rates is about $47500/annum.
Average house prices are falling in most areas, and vary widely from region to region. The UK average is £218,112. House prices have been outstripping average earnings for years, making it difficult for first time buyers. Owning your own home is embedded in the British psyche - renting is seen as a waste of money. It has been possible to borrow up to100%, or more than 100% of a property value in the past, but the US sub-prime debacle has spilled over into the UK finance market, and mortgage conditions are tightening. My very quick calculation is that on average earnings, you could borrow about £70,000 - that would mean a repayment of about £520/month. But £70,000 doesn't buy much house!
We pay income tax at 20% on earnings between about £5000 and £36000, and a higher rate on earnings over about £36000. Additionally, we pay "National Insurance" at about 10% - this pays for social security benefits, e.g state pensions. We pay about 60% tax on petrol and diesel, and 17.5% Value Added Tax (sales tax) on other fuel (gas and electricity). VAT is added to most goods except most food, books and children's clothes.
We have a system where the poorest pay the biggest proportion of their earnings in tax, and the rich pay the least. Seems fair?!