House price affordability at a decade low

UK house prices soared to record highs after the first lockdown, due to a combination of pent-up demand, the stamp duty holiday and the urge to exchange cramped city flats for larger homes with gardens. Affordability is now at its worst level in 10 years, with the average home costing almost 10 times the average income. The average salary stands at £25,123, while the average house price is 9.94 times higher at £249,633. London remains the least affordable with a score of 15.74, followed by the South East and South West. The North East is the most affordable region at 6.34, followed by Northern Ireland and Scotland. Benham and Reeves said buyers currently need a minimum of one year's salary for the average deposit.

Daily Express (12/02/2021)

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