In the UK, house prices have stabilized, making housing more affordable as wage growth outpaces house price inflation. However, experts warn that the progress is fragile and caution buyers to remain cautious due to record-high prices and higher interest rates.
Buying a house in the UK has become more affordable over the last three months, driven by faster wage growth compared to house prices . The Halifax, a major mortgage lender, reports that house prices have increased by 3.8% compared to the previous year, reaching an average of £292,508, while annual wages for full-time workers have risen by 5% to £44,667. This means that the house price to income ratio has slightly decreased to 6.55 from 6.62 in 2023.
However, experts caution that the improvement in affordability is fragile and that many potential buyers remain cautious due to record-high prices and sustained higher interest rates
House Prices Affordability Mortgage Wage Growth Earnings Ratio
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