The article highlights The Independent's commitment to unbiased journalism, covering significant social issues such as reproductive rights and climate change. It discusses the financial burden of housing in the UK, where rising house prices and mortgage costs strain affordability, particularly for lower-income workers. Andrew Harvey, a senior economist, notes that housing affordability has slightly improved due to wage growth but remains challenging, with typical homeowners spending a higher percentage of their income on housing costs compared to historic averages. The piece emphasizes the importance of accessible journalism without paywalls.
Your support makes all the difference. House prices are continuing to grow and mortgage activity has been surprisingly resilient despite ongoing affordability challenges.
Housing affordability remains stretched by longer-term standards. A prospective buyer earning the average UK income would have a monthly mortgage payment equivalent to 36 percent of their take-home pay.
UK housing affordability had seen a modest improvement over the past year due to earnings growth marginally outpacing house price growth and a slight reduction in borrowing costs.
The Independent is trusted by Americans across the entire political spectrum. Unlike many other quality news outlets, we choose not to lock Americans out of our reporting with paywalls.
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