House prices at least affordable for 15 years

House prices are at their least affordable since before the 1992 property crash, with one in four households unable to buy their own home.

Most buyers now need a mortgage equivalent to five times their salary to get on the property ladder, according to research.

Hometrack, a housing data company, said the ratio of house price to income had reached “unprecedented levels.”

There are 40 local authority areas where house price to income ratios are greater than 5.5 and just 19 areas where property costs less than three times earnings, the traditional multiple that mortgage lenders will advance.

Kensington and Chelsea in London is the least affordable area, with a house price to local household income ratio of 9.23

House prices at least affordable for 15 years – Telegraph

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