Halifax: Homes now more affordable than a year ago

Analysis by Halifax reveals that housing is more affordable than a year ago but the rising cost of borrowing has cancelled out any benefit. Research found a typical home in the UK cost 6.7 times average annual earnings of a full-time worker. This is down from 7.3 times a year ago, which was a record level. However, Halifax said that mortgage costs now typically accounted for 35% of a homeowner's income, up from 30% in a year and not far short of the level seen at the start of the financial crisis in 2007. The most expensive place to buy a home, according to the data, was London, despite the region recording a 2.6% decrease in house prices over the last 12 months. Average property prices are £533,057 in the capital and, based on average London earnings, the house price-to-income ratio is 9.3, the highest of any region.

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