Affordability in the UK property market has plunged over the last year


Affordability in the UK property market has plunged over the last year amid soaring house prices and stagnating wage growth, according to new figures published today.

Research published today from Halifax shows the average home in the UK now costs 8.1 times average earnings, the highest on record since the lender started tracking the figures 10 years ago.
The price to earnings ratio has widened from 7.5 in 2020, driven by a surge in house prices over the last year triggered by the stamp duty holiday.

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