UK Housing Affordability
The housing affordability data across the UK provides an insightful snapshot of how long it would take to buy a home in different regions based on average salaries:
• North East: 4.97 years
• Scotland: 5.41 years
• Yorkshire & Humberside: 6.26 years
• Northern Ireland: 6.30 years
• North West: 6.39 years
• West Midlands: 6.41 years
• Wales: 6.52 years
• East Midlands: 7.47 years
• South West: 9.20 years
• East Anglia: 9.43 years
• South East: 10.01 years
• London: 11.45 years
These figures paint a picture of housing affordability across the country, providing a valuable context for Frome homeowners and potential buyers. It’s clear that property prices differ significantly depending on where you are, but for those in the local Frome market, understanding these affordability comparisons helps to shape expectations around property values and potential future trends.
While affordability may seem daunting in certain parts of the country, it's important to remember that today’s mortgage payments, as a percentage of take-home pay, are only slightly above the long-term average.
Despite rising property prices, the affordability landscape is far more balanced than it may appear, especially when considering historical interest rates.
This balance ensures that homeownership remains an achievable goal for many, even in more challenging market conditions. Keeping a finger on the pulse of national trends can help to inform decisions locally, offering a broader perspective on housing affordability.
