A leading housing market analyst has called for a fundamental reassessment of how the UK communicates and measures housing affordability, warning that outdated assumptions and misleading averages are distorting public understanding – and placing estate agents in an increasingly difficult position.
Kate Faulkner OBE, founder of Propertychecklists.co.uk, criticised what she described as “out of date and inaccurate” metrics that continue to dominate national discourse on homeownership, arguing they do little to reflect the real dynamics of regional markets.
“The measures and language we use to assess housing affordability are both out of date and inaccurate,” said Faulkner. “It’s time we started telling the truth.”
Her remarks were prompted by a recent LinkedIn post from Patrick Bunton, director of later-life lender LiveMore, who questioned the regulatory environment that, in his view, prevents “sensible people from doing sensible things.”
LENDING CAPS
Bunton criticised the recent decision to raise lending caps from £100 million to £150 million as “meaningless in the grand scheme,” and called for a radical review of the regulatory framework.
For example, why do Retirement Interest Only mortgages fall inside the LTI Cap, whilst second charges and Lifetime mortgages (where interest is serviced from day 1) don’t?
Faulkner agreed that the focus of the debate is misplaced.
“We keep telling first-time buyers they need 15–20% deposits – then produce analysis that shows how unaffordable that is for someone on an average salary. It’s no wonder people feel priced out.”
She was particularly critical of the industry’s reliance on national averages – figures that estate agents themselves often cite but which she believes obscure more than they reveal.
“Why don’t we stop quoting average house prices and average deposits, and instead focus on actual regional affordability?” she said. “There are many areas where homes are affordable – but you wouldn’t know it from the headlines.”
RENT VS BUY
Faulkner also called for greater transparency in the rent-versus-buy debate, arguing that conventional comparisons often fail to reflect the lived financial experience of buyers and renters alike.
“Why doesn’t the industry stop using average house prices and average deposits?” she asked. “Properties are way more affordable than most of these stats suggest in most regions. Then we can focus on schemes in areas where they aren’t… such as London, Edinburgh and Bristol and the like.
“Also why don’t we publish accurate stats on renting versus buying rather than saying it’s cheaper to buy than rent because buyers have a 20% deposit and this doesn’t earn much in savings if renting?
“Our rhetoric and measures on housing affordability are out of date and inaccurate. Let’s tell the truth first, then work out the areas that need more help.”
VOLATILE MARKET
Faulkner’s comments come at a time when estate agents face growing scrutiny over pricing, transparency and the reliability of the advice they offer to buyers navigating a volatile market.
Her call for a “truthful rethink” is likely to resonate with those in the sector who feel the weight of misaligned expectations – often fuelled by national media and policy narratives that bear little resemblance to conditions on the ground.
