The affordability ratio in England remains above eight years, but it has shown signs of a slight decrease along with Scotland and Northern Ireland, figures have shown.
According to the latest figures from the Office of National Statistics (ONS), in England the average price for a home was £275,000 and the average income was £33,000, equal an affordability ratio of around 8.4 years of income in 2022.
This is slightly down from 8.74 years of income in 2021.
In Wales, the average price home was £185,000 and the average income came too £29,000, bringing its affordability ratio to 6.4 years. This is an increase from 6.13 years in 2021.
Scotland’s affordability ratio came to 5.3 years of income as its average price home was estimated at £170,000 and £32,200 for average income. This is down from 5.52 years in 2021.
Northern Ireland rounded out the list, with an affordability ratio of 5.1 years of income as its average house price home was £151,000 and average income was £29,600. In 2021, the figure was 5.3 years.
The report added that, since 2017, all four countries have had an affordability ratio above five, putting them below the affordability threshold of five years of income.
The ONS said that the average priced homes in all four countries have been lower than its affordability threshold throughout the series for low-income households.
The report continued that in England, only households in the top 10 per cent of income can afford an average home with fewer than five years of income; in comparison with the top 30 per cent in Wales, and the top 40 per cent in Scotland and Northern Ireland.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
