Most of UK property unaffordable, survey concludes

04 2008
Property in a majority of UK regions is now well out of the financial reach of most first-time buyers, new figures confirm.

According to the latest annual Halifax county house price survey, four out of every ten counties in the country have seen a trebling of house prices over the past decade, with all 104 seeing at least a doubling in the cost of an average property.

Surrey in the south of England is currently the most expensive county in the UK, the figures, show, with the average price here just over £364,000.

East Sussex, Essex and Hampshire were also found to boast unaffordable house prices, while separate studies have also shown that growing numbers of people are opting to rent rather than attempt to get onto the property ladder amid such economic uncertainty.

"There are now only 20 counties in the UK with an average house price below £150,000," said Martin Ellis, chief economist at Halifax.

"Ten years ago, every county was below the threshold."

Halifax cites the recent high bonuses being enjoyed by City workers as a factor behind the high house prices in the south-east, with first-time buyer numbers in the capital falling while renter numbers increase.ADNFCR-1219-ID-18452428-ADNFCR

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