Typical UK home 'not yet affordable'
21st August 2009
Katy John of PricedOut.org.uk - a campaign for affordable house prices - explained that an acceptable level needs to be considered in relation to the average income and the typical property is currently worth five times this.
She was commenting after the Lombard Street Research and Daily Telegraph housing affordability index showed that the comparison was at its best level for buyers since 1996 in the first quarter of the year.
Ms John suggested that values are set to fall further still, something that could stimulate demand and provide a boost for the UK building industry.
"As such, [we] would urge first-time buyers considering buying now to make sure they bargain for a good price and only borrow what they can afford," she added.
