--- title: House Price at Least Affordable for 15 years date: 2007-10-08T00:00:00+01:00 author: Marc Prior canonical_url: "https://assetsure.beebo.co.uk/homes/home-insurance/house-price-at-least-affordable-for-15-years/" section: News --- Our Customers Love Us! Home Insurance [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) ### Get a Quote [Get Quote](https://intasure.com/home-insurance/?introducer=59999022) [Home](/) › [Property Insurance](https://assetsure.beebo.co.uk/homes/) › [Home Insurance](https://assetsure.beebo.co.uk/homes/home-insurance/) › [House Price at Least Affordable for 15 years](https://assetsure.beebo.co.uk/homes/home-insurance/house-price-at-least-affordable-for-15-years/) # House Price at Least Affordable for 15 years UK house prices are that their least affordable since before the 1992 house prices crash. At the present moment, one in four households are unable to afford to buy their own home. Worryingly, most new home buyers now need five times their annual salary to be able to afford to buy a home. Home track, a company that supplies housing data said that the ratio of house price to income has now reached unprecedented levels. In at least 40 areas, to buy a house you need more than 5 times annual earnings and in the whole of the United Kingdom, there are less than 19 areas where a [property](https://www.assetsure.com/homes/ "Homes") can be purchased for less than the more traditional three times earnings. As many people have borrowed money at high multiples banking on the fact that interest rates will stay at an affordable level, there is real chance that some homeowners are facing hardship in the coming months. Some, have a mortgage on a fixed rate basis, but when this ends, what then?, money markets are currently in turmoil, the amount of funds available as a mortgage or re-mortgage is not as high as it was. Certainly in you are applying for a mortgage in the coming few months, it will not be as simple as it has been in the last few years to obtain funds ant sensible levels. Other interesting statistics recently released show that the North South prosperity gap is reducing with house prices, earnings and in fact employment rising faster in the north of England. The average full time earnings have rising by 22% in the northern regions in the last five years whilst in the south the figure is 18%. Employment is rising at almost double of that being achieved in the South. Homeowners too have seen some staggering increases in house prices, up almost 97 % in 5 years against a more modest 52% in the South. However, it can be argued that house prices in the south where already at a respectable level and property prices in the north were merely catching up. It is known that many people particularly the young first time buyers have had to migrate to more affordable parts of the country to buy a first home and of course, with them they take their skills and labour which is benefiting the economy in the North. Although the average wage in the South is some £6,000 higher than in the North, after taxation and national insurance, monies available to put to towards a mortgage on a property that is substantially more expensive don’t travel too far. People are demanding cheaper homes and at the present moment, the amount of disposable income is also running at an all time high. It follows that companies are going to wish to relocate in to areas that key workers can afford to live and have a comfortable lifestyle and work done in the last twenty years to improve the infrastructure of many Northern Towns, means they are becoming more desirable and affordable than many of their southern counterparts. House prices at record levels and the recent introduction of the Home Information pack have also resulted in the steep decline recently of three bedroom houses coming on to the market. The drop is in the region of 37% amongst properties that require a home information pack. Many homeowners are being put off by the cost of moving and most are worried that property prices are about to take a dip. Home Information packs were designed to speed up the selling process but if anything this ill-conceived idea seems to helping a market already in trouble stagnate even more. The developing trend amongst homeowners is to sit tight and wait and see what happens. no one wants to spend money on fees moving to a bigger home only to see interest rates rise again, property prices slip and the spectre of negative equity and all the associated problems become an issue. ## Latest News & Advice [![Dealing with Woodworm and Dry Rot](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=54)](https://assetsure.beebo.co.uk/homes/home-insurance/woodworm-dry-rot/) ### [Dealing with Woodworm and Dry Rot](https://assetsure.beebo.co.uk/homes/home-insurance/woodworm-dry-rot/) Woodworm, Dry Rot and Wet Rot. One of the most costly maintenance problems for homeowners is woodworm, dry rot and wet rot. If left untreated it can huge amounts of damage to the interior of your home. There are treatments and remedies to prevent it’s spread and to eliminate the problem it becomes critical. Woodworm is most commonly caused by the furniture beetle which leave larvae boreholes inside the major woodwork elements of a property. These area include the roof timbers, joists, staircase and floorboards. Woodworm can also infest ordinary household furniture causing a home insurance claim problem.... [![Types Door Window Locks](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=91)](https://assetsure.beebo.co.uk/homes/home-insurance/types-door-window-locks/) ### [Types Door Window Locks](https://assetsure.beebo.co.uk/homes/home-insurance/types-door-window-locks/) Types of Door and Window Locks – when purchasing a home insurance policy, you may find that your insurance company want you to have certain security measures in force at your property. These should be studied most carefully as without the correct protection being in force, you may find your cover compromised in the event of a claim. For most people, this involves having good quality door and window locks. Good physical security at your property, will be of a far greater benefit in deterring Theft than having an alarm fitted, but not being a lock expert, have do you discover if you have the correct locks fitted at your home?... [![Subsidence Structural Problems](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=54)](https://assetsure.beebo.co.uk/homes/home-insurance/subsidence-structural-problems/) ### [Subsidence Structural Problems](https://assetsure.beebo.co.uk/homes/home-insurance/subsidence-structural-problems/) Preventing or Dealing with Subsidence and Structural Problems.Whilst subsidence is usually covered by a building insurance policy, it is definitely something that you do not want to happen at your property if at all possible. Claims for subsidence can be on the large side ( hence the reason for the standard policy excess being £1000) and even if the building is repaired by the insurance company, you may find that’s in the future, insurance is harder to source ( and possibly more expensive) and the market value of the property and it’s marketability may also diminish... [More News](https://assetsure.beebo.co.uk/news) ## Why choose our specialist insurance cover? ### Home Insurance from Assetsure Our Home Insurance can provide cover for your Buildings, Contents and Personal Effects. Monthly payments available ### Legal Assistance as Standard All our policies include Legal assistance as standard up to £50,000 This offer Legal protection for problems relating to employment, contracts, property and personal injury etc. ### Home Emergency as Standard All our policies cover Home Emergency as standard up to £500. this offers protection against unexpected events such as the failure of your main heating system, blockage of drains or failure of your domestic gas or electricity supply ### £1,000,000 Cover for Buildings We automatically provide you with £1,000,000 cover for rebuilding cost of your property, ideal if you are unsure of your re-building cost. ### Excellent service offered We like to offer all our customers a first class service, which is backed up by our Trust pilot ratings. We are open 6 days a week to assist you with your enquiries. ### Instant cover and policies Most of our policies you can now buy online and receive instant documentation. 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