Property affordability at seven-year high

Residential landlords who are looking to add to their property portfolios could be among those benefitting from high levels of affordability, it has been suggested.

Figures from a recent report by Zoopla.co.uk have revealed that housing affordability in the UK is at its highest rate for seven years.

According to the research, Brits earning an average salary can now afford to purchase 58 per cent of properties in the UK.

By way of contrast, average earners could only afford to buy 38 per cent of homes in 2007.

However, PricedOut.org, national campaigner for affordable house prices, believes prices need to come down further still.

Katy John, a spokesperson for the organisation, said: "We need clear measures in place to create a more sustainable, affordable housing market and prevent another property boom like the one we have seen over the last ten years, which saw affordability levels reach an all time low in 2007."

The Zoopla report also revealed a north-south divide, with Bradford being the most affordable market and London being the least affordable.

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