Record pay rises and the slide in property prices caused the biggest improvement in UK housing affordability in more than a decade, a glimmer of hope for young buyers who have been priced out by stretched valuations.
Mortgage lender Halifax said that a decline in property values coupled with rocketing wages has improved housing affordability markedly even though prices hit record levels compared to earnings in 2022.
It was the largest year-on-year improvement in affordability for the month of June since 2009 when the financial crisis triggered a major slump in house prices. It will provide some hope for many first-time buyers struggling to get a foot on the property market after being priced out by the surge in prices in recent decades.
While affordability is being boosted by falling prices coming at a time when wages are rising at a record pace in nominal terms, the cost of mortgages has jumped for Britons.
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