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Housing affordability 'at highest level since 2003'
11/03/10
Edited by Andy Jowett. New research has shown that the affordability of UK housing has hit its highest level in seven years.
The figures from property website Zoopla.co.uk indicate that the average salary earner would be able to buy 58 per cent of homes, compared with 34 per cent in 2007.
However, according to Katy Johns of affordable housing campaign group PricedOut.org.uk, many of those looking to get on the property ladder for the first time are still finding asking prices are out of their league.
She said in 42 per cent of the country, these prospective first-time buyers are frozen out of local markets.
Addressing this will require the government to support builders in delivering more homes, pushing for "sensible" lending policies and increasing taxes for the buy-to-let sector, which has been one of the main drivers of higher prices.
"To return to levels of affordability that will encourage first-time buyers back into the market, the underlying causes of the house price boom of the last ten years need to be addressed," Ms John comment.
