In 2019, newly built houses remained less affordable than existing properties, according to new data from the Office for National Statistics.
Despite this, the gap between the most and least affordable local authorities decreased in 2019, the first decrease since 2015.
In England in 2019, full-time employees could also typically expect to spend around 7.8 times their workplace-based annual earnings on purchasing a home; this is a significant improvement from the previous year, when the ratio was 8.0.
Additionally, at a local level, earnings grew faster than house prices in 55% of local authority districts, leading to improvements in housing affordability in these areas.
It comes after Rightmove released new data which found that the average new seller asking price hit a record high of £312,625 in March.
This price marked a 3.5% increase from the year prior, and the property group said that these record prices were fuelled by “strong buyer demand and lack of supply”.
The group noted a disparity between supply and demand, as new seller numbers rose by only 1.2%. According to its figures, the number of sales agreed was also up by 17.8% which is the highest at this time of year since 2016.
Miles Shipside, Rightmove director and housing market analyst, said at the time: “The average asking prices of over 110,000 properties that have come to market this month are at a record high as we enter the traditionally busy spring moving season.”