Day: August 23, 2023

House prices have become less expensive relative to average earnings, new data has revealed. The cost of a typical home is now 6.7 times average earnings, according to major lender, Halifax, down from a peak of 7.3x last summer. Downward pressure on property prices following last summer's peak, combined with strong wage growth, has seen the UK's house price to income ratio fall back over the past 12 months'. At its peak in June last year, the cost of a typical home was £293,586, while the average annual earnings of a full-time worker was £40,196. A year later, the average house price had fallen by 2.5 per cent to £286,276 while wages have risen by 7 per cent to an average of £43,090 per year. But house prices remain more expensive than they were in early 2020, relative t...