Affordability across the UK property market has fallen to a 10 year low, according to research from Benham and Reeves.

The average net salary reached £25,123 in 2020, whilst house prices rose to £249,633 on average.

This equates to income affordability of 9.94.

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In addition, a minimum of one entire years’ full salary is now required for the average deposit.

London remains the least affordable with a score of 15.74.

The South East followed, with a score of 12.46.

In contrast, the North East still ranks as the most affordable region at 6.34, along with Northern Ireland at 6.48.

According to the data, the average first-time buyer pays £209,163 for their first home and earns an annual net salary of £23,643, equating to an income ratio score of 8.85.

This is the second highest score on record, down from 8.91 seen in 2017.

Marc von Grundherr, director of Benham and Reeves, said: “The UK’s house price to income ratio reached its highest point in a decade by the end of 2020, no doubt driven by a steep jump in house prices brought about by the market adrenaline shot of a stamp duty holiday.

“Although some regions still remain below previous peaks, this new national high demonstrates the huge financial cost of climbing the property ladder in the UK, a cost that grows largest still for those attempting to take their first step.

“Unfortunately, even with stronger wage growth in recent years, earnings have failed to keep pace with house prices and so it’s very likely we could see this issue of affordability grow larger before it starts to reduce.”