Affordability

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Affordability stretched, but gradually improving

Modest improvement over past year, but affordability remains stretched by historic standards
Considerable variation in affordability across occupational groups
Affordability most stretched in London and South of England, with North of England & Scotland the most affordable

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Nationwide Building Society Affordability Report: Mortgage rate rises add to affordability pressures

Higher mortgage rates have resulted in a significant increase in the cost of servicing a mortgage relative to take-home pay
High house prices relative to average earnings continue to make raising a deposit a significant barrier for first time buyers (FTBs)
Affordability remains most stretched in London and south of England; the North & Scotland remain the most affordable regions

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Local Affordability Report: Britain's most and least affordable areas to live

London borough of Kensington and Chelsea least affordable; East Ayrshire in Scotland remains most affordable
North East has smallest gap between least and most affordable boroughs, London has largest
25% of local authorities have seen an improvement in affordability since 2016
Westminster, Cambridge, Reading and Aberdeen amongst areas which have seen largest improvements, due to earnings growth outpacing house price growth
Around 45% of local authorities now have an HPER of 6+, compared with c35% in 2016

Special Report Affordability

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Affordability special report: Raising a deposit still the biggest hurdle for first time buyers despite affordability becoming more stretched

High house prices relative to average earnings continue to make raising a deposit a significant barrier for first time buyers (FTBs)
20% deposit equivalent to 110% average income – a record high and up from 102% one year ago
House prices have risen quicker than earnings over last year resulting in increase in cost of servicing a mortgage relative to take-home pay
North region & Scotland remain most affordable

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