Buying a home in London has become more affordable with wage rises outpacing sluggish house price growth, according to new data.
The proportion of earnings being swallowed up by monthly mortgage repayments has slid from 42.1 per cent in 2023 to 35.7 per cent this year, the Halifax reveals. This adjustment from £2,174 on average a month to £1,954 comes after a prolonged period of interest rate rises during a cost-of-living crisis, and political and economic uncertainty before and after the UK election.
