HOMES in England and Wales are at their most affordable in 13 years, new research from Hamptons International claims, as households benefit from rising incomes and lower cost of goods.
The estate agent’s latest Ability to Buy index increased by two per cent year-on-year in the second quarter to bring it to its highest level since the first quarter of 2002.
A consumer’s capacity to buy is now 40 per cent up on 2007, when it was at its worst, and is just four per cent below the best ever recording since the index began in 1997.
Hamptons, which considers everything from changes in house prices to the cost of living, said all parts of England and Wales saw a marked improvement in the quarter except for London, which fell by one per cent year-on-year.
Hamptons residential researcher director Fionnuala Earley said: “Compared with last year, ability to buy is better everywhere in the country apart from London, where rising prices have outweighed the benefit of lower food prices, transport and utility bills and lower mortgage rates.”