House prices are falling - but is getting on the property ladder any easier?

  • 10 months ago
Halifax have just released their findings after researching house price to income ratio to see which areas are the most and least affordable, with some of the results not being all that surprising.

Well the good news is that in general, house prices do appear to be falling and we are experiencing some wage growth. However interest rates are rising.

If we take a look back to June 2022, on average a house would have set you back £293,586, with average full-time earnings at £40,196 a year- according to Halifax this made house prices the least affordable they have ever been.

The figures a year later show the average house costing £286, 276, with an earnings increase up to £43,090.

If you are looking for your next home, well, seven of the top ten most affordable places to live are in Scotland.

In England, we look to Hull, Blackpool and Burnley as the most affordable. Unsurprisingly, 4 of the most expensive places to live are in London, with St Albans and Guildford also making the list.

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