The affordability ratio for England and Wales hit another peak at 7.83 in 2018. This means that the median property price in England and Wales is now 7.83 times more than gross average annual earnings, according to new data from the Office for National Statistics (ONS).
This affordability ratio is up from 6.35 in 2009, which dropped from the previous peak in 2007 when the ratio was 6.9.
The data reveals a clear north-south divide. Copeland is the most affordable place to live in England and Wales, with median property prices just 2.5 times that of annual gross earnings. Areas in the North West and Wales take the top five spots for affordability.
Seven of the ten least affordable areas in which to live are located in London, the other three are in the South East.
Just 6,950 homes were repossessed during 2018, the equivalent of just 0.06% of all homes with an outstanding mortgage. Repossessions are at their lowest level since 1981, with nearly 700 fewer properties repossessed than in 2017. To put this figure in perspective, there were nearly 50,000 repossessions at the height of the financial crisis in […]
The UK has been crowned by Forbes, for the second year running, as the best country for business following its latest survey published in December 2018. A total of 161 countries are assessed on 15 different criteria. The UK is the only country to land among the top 30 in all 15 metrics, including property […]
Closeness to work is often cited as a key determining factor for tenants in selecting rental accommodation. Analysis of tenants moving into homes in 2018, has revealed that almost 70% of tenants live within 10 miles of their workplace, with a third living within two miles. There are marked regional differences in this trend. While […]