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Follow on Google News | UK Housing Market Affordability Reaches Seven Year HighNew research released today by leading property website Zoopla.co.uk reveals that the fall in house prices and mortgage rates over the past couple of years has resulted in UK housing affordability at its highest level since 2003.
By: Zoopla.co.uk - 58% of homes are now affordable, up from just 34% three years ago - Property prices are now more affordable than at any time since in 2003 - Average UK income earner can afford to buy 58% of UK properties - Bradford is the most affordable market in UK, London least affordable The average UK income earner can now afford to buy 58% of all homes, up significantly in comparison to the property market peak in 2007, when just 34% of homes were affordable. Over the past 10 years, affordability levels reached their highest point in 2002 at 66% and then fell steadily over the next 5 years. The current levels were last seen in 2003 when the affordability rate was 56%, leaving UK property (http://www.zoopla.co.uk/ Zoopla.co.uk (http://www.zoopla.co.uk/ In 2007, when house prices (http://www.zoopla.co.uk/ Bradford (http://www.zoopla.co.uk/ London (http://www.zoopla.co.uk/ Nicholas Leeming, Commercial Director of Zoopla.co.uk, commented: "Affordability rates have improved substantially over the past couple of years as a result of lower mortgage rates and falling house prices that have now begun to stabilise. We are at levels of affordability not seen in the UK housing market for almost seven years which makes it a great time to buy, especially if current low interest rates can be locked in by the borrower." UK Market Data Tables – (http://blog.zoopla.co.uk/ Methodology: # # # Zoopla.co.uk (http://www.zoopla.co.uk/ By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has become the ultimate destination for property consumers to search for property and do their market research. Zoopla.co.uk are the UK's fastest growing property website and are proud to have been named 'Best Property Portal 2009' (Daily Mail UK Property Awards). End
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