UK Housing Market: Slight Improvement in Affordability

The average house price to earnings ratio in the UK is currently at 6.55, a slight decrease from last year's 6.62, indicating that buying a home has become slightly more affordable relative to income. House prices increased by 3.8%, but wages rose faster, outpacing the rate of inflation for house prices. Mortgage costs as a percentage of income have dropped from 33% to 28% over the last year.

While affordability has improved, experts like Karen Noye from Quilter warn that this progress could be fragile and potentially unsustainable, especially considering the government’s proposed budget changes. The North East was found to be the most affordable region with a ratio of 4.38, followed by Yorkshire and Humber with 5.42

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