Housing Affordability Returns to Pre-Pandemic Levels in England, Wales

Housing affordability in England and Wales has improved, returning to levels seen before the COVID-19 pandemic, according to the Office for National Statistics (ONS). The median house price in England was £290,000, which is 7.7 times the average full-time earnings of £37,600, a reduction from 8.4 in 2023. In Wales, the average home price was £201,000, equating to 5.9 times earnings, down from 6.2 in the previous year. Despite these improvements, only 9% of local authorities are deemed affordable, the highest since 2015 but significantly lower than the 88% recorded in 1997. The most affordable areas include Blaenau Gwent, Burnley, and Blackpool, while Kensington and Chelsea remain the least affordable with a ratio of 27.1. Overall, affordability improved in 91% of local authorities, highlighting a positive shift in the housing market, though many still face challenges with mortgage affordability.