Shaun Richards at Mindful Money has looked at Halifax' recent statistic that house prices are 5.02 time earnings...
Putting it another way using median earnings for everyone the ratio of earnings to house prices is now 6.9.
Well worth a read.
I left a comment as follows:
There is another reason for going with your 6.9 figure and that is because you have to compare like with like.
Halifax' £186,000 house price is not the average (that's about £260,000 according to the ONS) it appears to be the median.
So you can compare median house price with median wages = 6.9
Or you can compare average house price with average wages = 7.4