Housing affordability within the United Kingdom has not always been recognized as increasing at a steady pace, but this year is entirely different. In 2019, housing affordability for home buyers will be increasing at its fastest rate in approximately eight years. This would typically set the stage for an awesome market during the spring, but unfortunately with all of the political issues surrounding Brexit, there could be an unwanted decrease in productivity that would not be present otherwise.
- New figures suggest that the affordability of housing in the UK has increased recently and this is setting the stage for an active spring market.
- The average asking price for a home has not grown much, just by 0.2 percent but wages have grown higher by 3.4 percent.
- In London, the capital, despite the national falling trend, affordability of housing has been a big issue because house prices are still 13.2 times higher than wages.
“Any sign that this trend is set to decrease will be welcome news to struggling first-time buyers. This group has faced tighter mortgage-lending rules in the wake of the financial crash, including larger deposits and borrowing restricted to 4.5 times earnings.”