Categories: Must ReadsProperty

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:

Ollie McAninch

Ollie McAninch is a former public and private sector economist turned digital media pioneer. After working in the media for over a decade, he helped develop The London Economic to promote independent investigative journalism. When he isn't contributing articles, Ollie spends the bulk of his time looking after animals, pressing apples and planting trees.