It’s going to be easier to get on the property ladder following a recent decision by the Bank of England to relax some of the criteria for getting a mortgage. Combined with expectations of a slowdown in the property market, this news will be something of a relief to those who have been unable to buy a home due to booming prices in recent years.

People’s ability to buy property is at a record low in England, with the average house costing nearly nine times average annual disposable household income. Scottish buyers pay more than five times, on average, while Welsh house prices are currently six times disposable income.

Affordability has been affected by a recent boom in house prices as demand for new properties rose after pandemic lockdown restrictions were lifted. The number of houses changing hands during this time has kept prices elevated, with transactions currently at the highest level since just before the global financial crisis in 2008.

But while the latest Nationwide figures for UK house price growth are still in double digits, the rise has slowed in recent months. A crash, which is generally understood as a price drop of 20% or more, is unlikely. But a correction (a fall of between 10% and 20%) could happen if the economy takes a substantial dip. This prospect looks increasingly likely as inflation looks set to pass 10% in coming months, which would cause consumers and businesses to rein in spending.