Since 2000, wages have risen 237% while house prices have increased 345%.

The trade body also believes borrowers may need to wait until 2026 for another reduction in interest rates.

The average first-time buyer deposit in England is £69,000 vs. £22,800 for shared ownership.

The criteria changes help unlock more leverage for landlords looking to refinance, release equity or fund new purchases. 

The Society has introduced enhanced affordability to support remortgage borrowers.

Borrowers earning above £100,000 can now borrow 5.5x income up to 90% LTV.

Over 6x income is now available on selected products.

The Society has also announced stress rate reductions on all two-year fixed residential products.

The changes will benefit borrowers buying their first house, moving up the property ladder, or remortgaging.

Reduced minimum ICR increases borrowing power for landlords and changes to affordability stress tests will allow for greater residential borrowing.