Since the financial crisis, more than half of homes across the UK come with a more affordable price tag, according to the latest research from the Yorkshire Building Society. The figures were analysed from data showing changes in the prices of property and wages since the crash in 2007.
A number of cities topped the list for greater affordability than what was offered ten years ago. Such cities include: Birmingham, Liverpool, Leeds, Newcastle-Upon-Tyne, Harrogate, Edinburgh, Cardiff and Exeter. These are places where potential homebuyers will see their money go further, without stretching their earnings too far.
On the other side of the coin, Cambridge, Oxford, Bristol, Manchester, Nottingham and York have experienced the opposite phenomenon in the property market. The rate of growth in property has increased at a much faster pace, leaving the average wage growth in the dust.
The last decade has seen the gap widen between the most and least affordable areas to almost double. London was badly hit, with all of its 32 boroughs lacking affordability. When compared to salary, it is becoming increasingly more difficult to buy in the capital.
However there is a silver lining for potential homeowners. There has been a push towards new build developments that could see up to 40% more than the current target because of a new methodology being implemented by the communities secretary focusing on household projections and affordability criteria.