UK house prices become more affordable as wages grow faster than home costs, Halifax reports.

UK house prices have become slightly more affordable as wage growth outpaced house price increases. Halifax reports that average wages rose by 5% to £44,667, while house prices increased by 3.8% to £292,508. The house price to income ratio fell from 6.62 to 6.55, and mortgage costs as a percentage of income dropped from 33% to 29%, its lowest in over two years. Despite improvements, high prices and interest rates make homeownership challenging.

November 28, 2024
30 Articles