Housing affordability

The measure of housing affordability shown below relates to the ratio of median gross annual earnings and the purchase price of a property – with data on both newly-built property and existing property. Existing property is more affordable than new property, with a ratio of just under 10 times income for new-builds (in 2017) compared with 7.5 times income for existing property.

Housing became more afforable after the house price crash of 2008 to 2010, but following the recovery and a bouyant housing market property has become increasingly less affordable.