Housing Affordability Improves as Austin Homes Prepare for a Strong Close to 2024

New data has revealed a promising trend for prospective home buyers as housing prices become increasingly affordable. With wage growth outpacing house price inflation, many are finding that homeownership is becoming increasingly appealing.

Mortgage costs as a percentage of income have fallen from 33% to 29%, making house prices more affordable relative to income. This new data, provided by Halifax, also shows that house prices have increased by 3.8% compared to a year ago; meanwhile, annual earnings for full-time workers have climbed by 5%.  

Austin Homes property for rent in London, WC1X

Halifax’s new data also revealed that the average house in the third quarter of 2024 cost 6.55 times the mean annual full-time income, down from 6.62 in 2023 and a record high of 7.24 in mid-2022.

This positive trend is mirrored in East London, where Austin Homes, a leading property agency, is witnessing increased interest in those looking to find their dream home. 

Austin Homes is a leading estate agent in East London. 

Austin Hayes, Managing Director at Austin Homes, commented, ‘This is a positive step for those looking to buy a new property. Increased affordability will lead to increased confidence in the market. At Austin Homes, we are here to support anyone looking to purchase a property.’ 

As the year comes to a close, Austin Homes is well-positioned to help potential homeowners navigate the growing market. Whether you are looking to buy, sell or rent, Austin Homes is your trusted partner for properties in East London.

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