House prices ‘still exceed average income’

House prices remain too high for most first-time buyers, it has been suggested.

PricedOut.org.uk spokesperson Katy John stated that the average property is still worth over five times the mean average income, making them too expensive for many.

Her comments are in contrast to the recently published Lombard Street Research/Daily Telegraph housing affordability index, which indicated that during the first three months of the year, homes were at their most affordable level since 1996.

But despite appearing to disagree with what the figures mean in reality, Ms John did imply that the situation could improve in the coming months, with her organisation predicting further declines in house values.

For this reason, those currently aiming to get on the property ladder need to act with caution.

“PricedOut would urge first-time buyers considering buying now to make sure they bargain for a good price and only borrow what they can afford,” Ms John remarked.

By Chris Trimble