It is a truth universally known that British house prices are utterly unaffordable, especially for the first-time buyer. Yet research indicates that property has now become affordable in 39% of local authority districts.
From the start of the decade, house prices have steadily risen, peaking in 2007. Between 2007 and 2008 house prices decreased. This decrease and lower interest rates meant that first-time buyers could, in theory, get on to the property ladder. However, this proved very much futile because credit had dried up when confidence plummeted and banks were lending very cautiously.
Perhaps, the housing market, not our national debt is the worst legacy this recession will leave.
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