Buy now: Houses at 'easiest level to afford' in seven years

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Increases in average earnings combined with falling mortgage rates helped to offset price rises last year to leave housing affordability at its highest level since 2003, according to property website Zoopla.co.uk.

The group said 58% of British properties were affordable for someone on average local earnings, based on people spending up to a third of their income on mortgage repayments.

* Houses and flats for sale: property search

When property prices peaked in 2007, the affordability level was just 34%.

Affordability varies greatly across the country, with homes typically easier to pay for in the North than the South despite the latter's higher income levels.

Housing in London is the least affordable, with only 32% on local salaries able to afford to buy.

Bradford is the UK's most affordable city, with people on local earnings able to buy 82% of homes in the area, followed by Hull at 81%, Stoke-on-Trent at 80% and Birmingham and Coventry, both at 78%.

Nicholas Leeming, commercial director of Zoopla.co.uk, said: "Affordability rates have improved substantially over the past couple of years as a result of lower mortgage rates and falling house prices that have now begun to stabilise."

Research also showed that people could save an average of up to £243 a month on mortgage costs by buying a property further away from their work.

Property search engine Gartoo.co.uk said the biggest savings could be made in London, estimating that people could save £515 a month in mortgage repayments for every five miles they moved from St Pancras towards Bedford.

* www.homesandproperty.co.uk