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Houses more affordable across half of United Kingdom now than in 2007

13 Septembre 2017

Yorkshire Building Society research shows that with a continuing affordability crisis in London, popular destinations for people leaving the capital, such as Lewes and Exeter, have become increasingly affordable in the period since Northern Rock was bailed out 10 years ago.

More than half of Britain has seen wages rise faster than house prices in the last 10 years, research by a mortgage lender has suggested.

Homes in London are typically 38.8 per cent less affordable than they were a decade ago, and 15.4 per cent worse in the east and south East of England.

The gap between the least and most affordable parts of Britain has nearly doubled, and affordability in some local authorities has declined by up to 61%, while improving in others by up to 42%.

Yet the gap between wages and house prices has widened dramatically in other areas.

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Mr McPhillips added: "Unsurprisingly, the data shows that there is a distinct divide between the north and south of the country when it comes to housing affordability, but this has become even more pronounced since the financial crash".

Ten years ago, the financial crisis upended the housing market.

There were also major differences in affordability across Britain, with affordability in some local authorities worsening by 61 per cent (The Three Rivers council area in Hertfordshire) while improving in others by up to 42 per cent (Inverclyde in Scotland).

He adds: "Across London and large swathes of southern England it has become increasingly hard for first-time buyers and those wanting to move up the housing ladder". There, the average house is now £191,829.64 compared to £201,692.83 in 2007. The other two biggest movers were North Ayrshire and West Dunbartonshire. In Westminster, the average house price is £1,034,073 - or just over 24 times the average wage. Homes in the Three Rivers district council area, which is bisected by the M25, cost nearly 16 times average earnings, compared with 10 times in 2007.

Houses more affordable across half of United Kingdom now than in 2007