There has been a modest improvement in UK housing affordability over the last year due to earnings growth marginally outpacing house price growth and a slight reduction in average borrowing cost says the latest Nationwide Affordability Report. Mortgage market activity and house prices proved surprisingly resilient in 2024. Annual house price growth ended the year at 4.7%, a marked improvement from the small declines seen at the start of 2024. The number of mortgage approvals returned to 2019 levels, despite mortgage rates being around three times higher. Perhaps even more remarkably, first-time buyers’ share of house purchase mortgages was actually higher in 2024 (54%) than it was pre-pandemic (51%). Looking ahead, providing the economy recovers steadily, as Nationwide expects, the underlying pace of housing market activity is likely to continue to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.
A summer of significant rent increases possible
20/03/2025
February delivered a month-on-month rent rise according to the latest Goodlord rental index. Prices increased slightly up by 0.2% from £1,207 to £1,209 per property
