Property North Wales

Housing in UK now more affordable

The affordability of housing in the UK has improved considerably for key public sector workers since house prices peaked in September 2007.

A Halifax survey has shown that two in five towns are now affordable for the average key worker, based on the average house prices and average incomes. If the ratio is below 4.0, housing is deemed affordable. In 2007, only 3% of UK towns were affordable for key public sector workers, showing the significant improvement since 2007.

A combination of declining house prices and growth in earnings has help with the improvement in affordability. Overall, house prices haven’t changed much in the past year, but with pressure on public sector earnings, the results have been only a modest improvement in home affordability during the previous 12 months.

Wales is the most affordable region in the UK overall, with the average house price to worker incomes having a ratio of 3.6 in 2012. The North, Yorkshire and the North West aren’t far behind either. The least affordable regions are London and the South East.

In 2002, more than half of towns were affordable for key workers, compared to the current 41% in 2012.

Contact Estate Agents Cheshire today to find out more about affordable housing options

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