💨 Abstract

The affordability of homes for first-time buyers in the UK has improved significantly, with the average property price now at £237,518, which is 5.9 times the average UK earnings. This ratio is the most affordable in nearly a decade, driven by faster income growth and stable mortgage payments. The typical monthly mortgage payment has only risen by 0.1% to £1,087, and mortgage costs as a proportion of income have decreased.

Courtesy: Metro Lifestyle reporter