Housing affordability eases in 2024, but there is still a “long-term trend”: ONS – Mortgage Strategy

UK home affordability compared to the previous year in the year ended 2024, “but this has not changed the long-term trend of homes that are generally unaffordable in every country since 2006.”

Any home in these digital classes is unaffordable for more than five times the average income.

In Wales, the average home sells for £200,000, while the average income is £37,000, with a ratio of 5.4.

In Scotland, the average home sells for £185,000, while the average income is £35,000, with a ratio of 5.3.

In Northern Ireland, the average house price is £168,000, and the average income is £36,000, with a ratio of 4.6.

“Northern Ireland’s income has grown more than house prices in every of the last five years, and it is the only UK country with a home selling for less than five times the household income as of fiscal year 2024,” ONS said.

It added that in Wales and Scotland, the median homes can afford 40% of households, while in England the highest 10%.

Around those who work there in 2024, 317 local authorities across England and Wales have shown that 9.1% of homes are affordable, and the character “was well below” the start of the series at 69% in 1999.

The most affordable local authority is Blaenau Gwent, Wales, where the average home cost is 3.6 times.

The lowest prices are Kensington and Chelsea, with an average home cost of 35.5 times.

The most affordable local authorities in London are Tower Villages with a ratio of 9.4; all other parts of London have a ratio of 12 or higher.

The government guarantees to build 1.5 million homes by the end of the parliament.