House

UK House prices need to fall 36 per cent to be affordable


Property prices in cities across England,Scotland and Wales need to fall by an average of 36% to £125,329 to make owning a home affordable for a single person earning an average wage.

Research from Open Property Group found that:

  • City of Westminster house prices need to fall by 64% to become affordable and,
  • City of London house prices needto fall by 57% to become affordable.

Using average salary and house price data for cities, it revealed that Cambridge is the most overpriced place in England where prices would need to fall by 68% for someone with a 20% deposit earning an average wage to afford to buy.

You can view the infographic below to see the complete 2018 Affordability Index:

Property prices in cities across England,Scotland and Wales need to fall by an average of 36% to £125,329 to make owning a home affordable for a single person earning an average wage.
Property prices in cities across England,Scotland and Wales need to fall by an average of 36% to £125,329 to make owning a home affordable for a single person earning an average wage.

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