'Pay outpaces house prices' in many areas

Houses more affordable across half of UK now than in 2007

Houses more affordable across half of UK now than in 2007

In some areas, property prices are still below what they were, but in other areas property prices have continued to increase, just not at the speed of earnings.

YBS analysed earnings data from the Office for National Statistics and Land Registry house price data over the past 10 years to determine how housing affordability has changed since the financial crisis.

Andrew McPhillips, the chief economist at Yorkshire Building Society, said: "Across London and large swaths of southern England, which were already some of the most unaffordable parts of the country, it has become increasingly hard for first-time buyers and those wanting to move up the housing ladder to be able to buy their first or next home".

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.

"The north of England, Wales and Scotland present a different picture entirely, with many places, such as Edinburgh, Peterborough and Birmingham, becoming more affordable than they were before the credit crunch". During this period, they increased by £8,000 in Yorkshire and fell by £8,000 in the north-east. London is showing signs of slowing. Graduates will look at the other major employment centres and think their housing costs will be lower.

Places with the greatest improvement in affordability included Inverclyde, North Ayrshire and West Dunbartonshire, all of which are in Scotland.

By contrast, the affordability of Rickmansworth in Hertfordshire has gone down more than anywhere else in the UK.

Yorkshire Building Society compared local house prices and incomes, and found that in nearly all of Yorkshire, housing is more affordable than it was in 2007 - however, researchers say this is because house prices haven't fully got back to where they were in 2007 at the previous market peak.

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.

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