House prices in Dumfries and Galloway named among the most affordable in Scotland

House prices in Dumfries and Galloway have been highlighted as among the most affordable in Scotland, according to a recent report by Halifax. The analysis compared house prices to earnings in various council areas across the UK, revealing that the average house price-to-earnings ratio in Dumfries and Galloway was 3.4 in the third quarter of 2024. This figure is significantly lower than the Scottish average of 5.08 and the UK-wide average of 6.55, making it one of the most affordable regions in the country alongside West Dunbartonshire.

The report also noted that the average house price in the UK has seen a 3.8% increase over the past year, reaching an average of £292,509, while the annual earnings for full-time workers rose by five percent to an average of £44,667. Amanda Bryden, Head of Halifax Mortgages, commented on the findings, stating, “Housing affordability has improved over the past year, thanks to stabilising property prices, strong wage growth, and easing interest rates. This is positive news for first-time buyers and existing homeowners looking to enter the property market or move up the property ladder.”

Despite the gradual improvement in housing affordability, challenges still exist for many individuals due to high property prices and the likelihood of interest rates remaining higher than in previous years. While the market shows signs of progress, purchasing a property may remain a significant hurdle for some prospective buyers. The report serves as a reminder of the ongoing complexity of the housing market and the importance of continued monitoring and support for all individuals aiming to own a home.

In conclusion, the recognition of Dumfries and Galloway as one of the most affordable areas in Scotland sheds light on the diverse landscape of housing affordability across the country. The report underscores the importance of keeping a close eye on market trends and exploring ways to further enhance accessibility to housing for all individuals, regardless of their economic background. As the property market continues to evolve, initiatives aimed at promoting affordability and inclusivity in homeownership will be crucial for shaping a more balanced and equitable housing sector.