The cost of a typical house is 6.7 times average earnings in Britain despite the recent slowdown in the property market, according to new figures from mortgage lender Halifax
With the typical house price having now fallen to £286,276, while average earnings have risen to £43,090 due to strong wage growth amid the cost-of-living crisis, the house price-to-income ratio has fallen back sharply, according to Halifax figures. Halifax said: “While the narrowing gap between house prices and incomes will be welcomed by prospective homebuyers – and the housing market has been showing signs of resilience, with an uptick in activity recently – improvement in the overall affordability of housing costs for owners has been offset by the impact of rising mortgage rates.”
“Typical monthly mortgage payments are up by around a fifth, which is a big jump at any time, but particularly during a wider cost-of-living squeeze.”
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