article_snippet: A separate report yesterday found the affordability of homes in UK cities has deteriorated in the last year and is now at levels last seen in 2009 – with the typical price now more than six times average annual earnings.
article_snippet: Selwyn Fernandes, of LV=, said: ‘While owning your own home was achievable for the previous generation, it is an impossible dream for many today.
article_snippet: ‘Rising house prices and strict lending criteria are now not only preventing people from buying people own home, but people are also stopping many homeowners from moving, forcing many homeowners to modify many homeowners homes instead.
article_snippet: ‘Transaction costs, changes to mortgage lending criteria and - critically - a woeful lack of new homes being built puts homeownership, and moving up the ladder, out of the reach of many.
article_snippet: A separate report yesterday found the affordability of homes in UK cities has deteriorated in the last year and is now at levels last seen in 2009 – when Britain was in the midst of an economic crisis.
article_snippet: Andy Hulme, of Lloyds Bank, said: ‘House price rises in the past two years have resulted in a deterioration in home affordability in the majority of UK cities, and generally widened the north-south affordability divide.