Housing affordability in England and Wales has returned to similar levels seen before the coronavirus pandemic, helped by wages rising faster than property values, according to the Office for National Statistics (ONS). A sharp worsening in affordability had been seen in the early 2020s, as the financial impacts of the coronavirus were felt by households. Last year, the median average home in England cost around 7.7 times average full-time employee earnings, at £290,000 versus £37,600. At the same time, average earnings rose a much faster rate, by 20%. Housing affordability has improved in 91% of local authorities in England and Wales and worsened in 9% since 2023, the report found.

Source: The Times March 24, 2025 13:52 UTC