Homeowners anxious about the issue of affordability in current economic climate
Homeowners in the UK are continuing to face a growing economic challenge with high interest rates. With an already expensive housing market, many residents fear that affordability is the biggest challenge they face when considering buying or maintaining a home.
The average UK house price in February 2023 had fallen to £257,406, while in February 2022 it was £260,230, according to Nationwide. But even with the slight fall in property values it is still increasingly difficult for many potential buyers to afford a home of their own, and with high interest rates due to inflation concerns and economic uncertainty, these issues are only expected to continue.
