The past year has seen a deterioration in house price affordability in UK cities so much that average affordability is back at 2009 levels.
Brits in their 20s and 30s will own fewer properties in their lifetimes due to rising house prices and lack of suitable homes.
The average house price in England and Wales is now just £831 under the peak price of November 2007.
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House price optimism rebounded in February, according to the Halifax Housing Market Confidence Tracker which surveys how people feel about the housing market.
UK house price growth dipped to 8.4% in the year to January 2015, down from 9.8% in the 12 months to December 2014, Office for National Statistics (ONS) figures show.
First-time buyers are being pushed out of the housing market as average UK house prices exceed the rate of pay in a number of regions, Halifax research finds.
The property market appears to have entered a pre-election slowdown following muted growth in March.
Property price growth in England’s towns and cities is now just marginally higher than the pace of growth for homes in the countryside, according to research from Zoopla.
First-time buyers are being forced to pay £77,000 more for a home as average house prices outstrip average wages by almost 10 times, research from Shelter reveals.
Six years of record low interest rates have created a period of “unprecedented growth” and been “a real boost” both to the equity release and housing market, industry voices say.
The remortgage market experienced a long-awaited boost in January with applications up 24% in the month and 17% year-on-year, according to the Mortgage Advice Bureau.
London prices flatlined in January for the first time since the crash, according to an estate agent chain.
House prices in the UK rose by 9.8% in the year to December, according to the Office for National Statistics (ONS).
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