The ratio of London house prices to average UK house prices has increased substantially since the 1970s. The price-to-income multiple for first-time buyers in the Greater London area in 2014 was 10.1; for the UK as a whole, it was 5.2. The buy-to-let property market in the UK has been on the end of some unwanted attention from the Bank of England, as the MPC has identified it as a threat to wider financial stability. However, affordability ratios are still surging in the conventional residential market and there is evidence that large-value mortgages are on the rise again across the country.
