Recently released data from the UK housing market suggests affordability has now claimed the efforts of many who are trying to gain entrance on the property ladder. Housing experts suggest increases in house prices during the past decade have reached a point which is prohibiting the purchase of property for many. Increase without matching hikes in wages has led the market to a point which is challenging for many. Demand for housing has cooled, especially in the city of London.

Sales of property data has been finalised for the month of March suggesting the market has cooled to extremely low levels. The number of completed transactions dipped 20% during the month, falling to just under 74,000. Sales were down 30% in the capital city totaling 6,180.

In England, overall sales were down 22%, totaling 58,203 for the year. House price increase during the month of May also painted a less than favourable picture. Through the month, house prices have increased 3% for the year which is the slowest rate since August of 2013.

The month of May posted an average sale price of a UK home at £226,351. Month on month compared to April, house price growth has slowed from 3% to 3.5%. London saw the greatest fall in annual property prices during the month. Average house prices fell 0.4% to £478,853.

Housing experts find concern in the overall data from months earlier in the year. Some have referred to the figures as the market hitting a wall. Slowing demand has affected many lenders who are now offering more incentives to borrowers in search of mortgage lending. Original loans and remortgages for borrowers can be found with low interest rates and low administration fees.