Chichester Ranked Least Affordable for First-Time Buyers Outside London

Recent reports indicate that housing affordability in the UK remains a significant challenge for first-time buyers, with a typical mortgage payment consuming a substantial portion of take-home pay. In areas like Chichester, first-time buyers pay an average of 8.5 times their annual earnings, while the borough of Kensington and Chelsea requires 13.6 times earnings. Although there has been a slight improvement in affordability due to wage growth outpacing house price increases, overall conditions are still considered stretched compared to historical standards. The housing charity Shelter has criticized government investments in 'affordable homes', arguing that they often remain unaffordable for low-income individuals, and called for increased investment in social housing. This situation has been exacerbated by rising rents and the cost-of-living crisis, which hinder potential buyers from saving for necessary deposits. Approximately 40% of first-time buyers reportedly require financial assistance from family or friends to secure a deposit.