Average house prices are still unaffordable for the typical earner, the UK's largest building society has said. Despite wages rising above the rate of inflation in recent months and house prices falling from the record high of summer 2022, 'housing affordability is still stretched', Nationwide said.
According to Nationwide, the interest rate on a five-year fixed-rate deal for a borrower with a 25% deposit was 1.3% in late 2021. That has soared and is now around 4.7%. Latest official figures showed basic pay grew 6% in the three months to April, while inflation - the rate of price rises - was 2.3% in the same month. But data from living-standards thinktank the Resolution Foundation said weekly wages have increased by just £16 in 14 years when inflation is factored in.
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