Housing affordability 'best since 2003'
By myfinances.co.uk staff
The affordability of housing in the UK has reached the highest level since 2003, according to a new report.
Research carried out by property website Zoopla.co.uk shows that the average wage earner in Britain can now afford 58% of houses, up from 34% in 2007.
The most affordable market in the country is Bradford, while the least affordable is London, the company said.
Commenting on the figures, Katy John of campaign group PricedOut.org.uk, said that prices will need to fall further still before they are within reach of first-time buyers, as this group is still priced out of the market in 42 per cent of the country.
In order to address this, she added, the next government will have to introduce more sensible lending policies, increase the construction of new homes and hike taxes on the buy-to-let sector, which has been a key driver of higher house prices.
"To return to levels of affordability that will encourage first-time buyers back into the market, the underlying causes of the house price boom of the last ten years need to be addressed," Ms John said.
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