Housing affordability
March 30, 2015
After a number of years of the housing market favouring buyers rather than sellers, there are now clear indications this spring that sellers are gaining the upper hand. Recent research is showing that Housing affordability has deteriorated to 2009 levels on the back of strong property price growth, according to Loyds Bank the average home in a British city now costs £195,107 or 6.1 times typical annual earnings before tax.
The group blamed the affordability deterioration on the strong house price growth seen during the past year, with average house prices rising by 7 per cent. The price growth has stalled more recently along with the sales market as the election looms ever closer, normally in the run up to Easter the market would be picking up as spring buyers make their appearance, such buyers are a little more cautious this year waiting for the outcome of election before commiting themselves.
It has been reported that Oxford is the least affordable city with the average house costing nearly 11 times typical local earnings, Greater London is the seventh least affordable city , this across the board figure however disguised considerable variation throughout the capital.
You May Also Enjoy
How homeowners can fight back against rising energy bills
New research from Yopa warns that millions of homeowners are set to be hit with a 14% jump in energy bills this summer, wiping out recent savings and piling fresh pressure on household finances. In response, Yopa has analysed which home improvements are most effective at reducing energy use, looking at both the typical savings delivered…
Read More 
Homes selling as fast as last year
First time buyers in outer London hit hardest as higher borrowing costs and high stamp duty costs weigh on sales times The average time to sell a home is just 1 day longer than last year at 33 days, despite higher mortgage rates and 2 months of conflict in the Middle East However, areas…
Read More 
How to Pick the Ideal Utilities for your Business
Sorting out utilities might not be the most exciting part of running a business, but it is one of those things that quietly affects everything else. Whether it is your electricity, gas, water or internet, these services keep your business moving day to day. Getting them right can help you stay in control of costs…
Read More 
Advice for London landlords and tenants ahead of the Renters’ Rights Act implementation
Phase one of the Renters’ Rights Act (RRA) comes into force on 1 May 2026, and with it brings about the most significant overhaul of the private rental sector in a generation. While the Act will see new responsibilities introduced, it will also offer an opportunity for landlords to strengthen their practices with a clear…
Read More 
Budget-friendly ways to boost your chances of a successful spring house sale
With many households feeling the pressure of changing global economic conditions, tighter finances, and the high costs associated with moving, such as Stamp Duty, legal fees and removals, selling a home can currently feel like challenge. At the same time, spring traditionally brings a surge in buyer activity. Longer days and better weather tend to encourage more viewings,…
Read More 
Expert Reacts To Renters’ Rights Act Ahead of Changes This Week
The Renters’ Rights Act comes into force this week (1st May), introducing major reforms to tenancy structures, eviction rules, and tenant protections across England. The changes will reshape how landlords manage properties and how tenants experience private renting, with significant implications for student private rentals and the wider rental market. Ahead of implementation, Owen Dixon,…
Read More