Open Property Group found that 2020 UK property prices need to fall by an average of 37%, to make owning a home affordable, for a single person earning an average wage.
Sources: ONS House Price Index December 2019 and 2020 ONS Labour market statistics for England, Scotland and Wales.
We have analysed average house price and salary data for cities. It can reveal that Oxford is the most overpriced city in England where house prices would need to fall by 70%, for someone with a 20% deposit earning an average wage, to afford to buy. In comparison to our 2018 House Price Affordability Index where Oxford house prices needed to fall by 65% to become affordability.
For the second year running, Durham was the only city where houses are 'affordable' to buy. In Durham, house prices could rise by 16% and still be affordable for someone on an average wage with a 20% deposit and a mortgage of 3.5 times salary.
Homeowners across England and Wales can benefit from selling their property quickly, in any condition. With a selling timeframe that suits you, by selling to Open Property Group, you pay no estate agent fees, no solicitor fees and no clearance costs.
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