Housing affordability back to pre-pandemic levels

Housing affordability in England and Wales has returned to pre-pandemic levels, as wages have risen faster than property values, according to the Office for National Statistics (ONS). The median home price in England last year was £290,000, equating to 7.7 times the average earnings of £37,600. However, affordability remains a challenge, with only 9% of areas considered affordable, albeit a slight improvement from 6% in 2023. The most affordable local authorities in 2024 were Blaenau Gwent in Wales with an average house price-to-earnings ratio of 3.8, Burnley in North West England with a ratio of 3.9 and Blackpool, also with a ratio of 3.9. Sarah Coles, head of personal finance, Hargreaves Lansdown said: "Wages have risen faster than house prices in recent years, so would-be buyers are inching slightly closer to being able to afford a home of their own." 

Daily Mail (24/03/2025)   Financial Times (24/03/2025)   The Independent (24/03/2025)