Related topic: Affordability

The income to house price ratio is forecast to fall to 8.2.

The average borrower’s mortgage accounted for 34.3% of their salary in September – the lowest proportion since November 2022.

The Bank says it has 'reignited' its residential proposition.

Knowledge Bank has announced that its affordability tool AffCalc is now available to all brokers registered with the system, whether full users or trial users.

Barclays now considers bonus, overtime, and commission income up to 4x basic salary plus allowances.

Improvements to affordability assessments across the industry mean up to 65% more homes are within reach.

AffCalc enables brokers to edit client data as they go and see lenders fall away in real time. 

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.