House buying affordability lessened considerably in England last year and is now worse than at any point since 1999, when records began, according to the Office for National Statistics (ONS).

The ONS housing purchase affordability data shows the median house price in England in the year to 31 March was £275,000, equivalent to 8.7 times the median income of £31,800. This was a sharp increase on the 8 times income reported in 2020/21 and means affordability ratios are now higher than the previous peak of 8.2 times income reported in 2008 during the global financial crisis.