Rutland has suffered the highest increase in housing unaffordability in the UK due to the government's stamp duty holiday.

Research by the estate agent comparison site, GetAgent.co.uk, has found that homebuyers across Britain now face a considerably tougher task when it comes to climbing the ladder, as the holiday boosted the housing market, causing a significant jump in the average income to house price ratio.

GetAgent analysed data on both house price and the average income across the UK, looking at how the income to house price ratio has changed since the property tax reprieve was launched last July.

Nationally, the income to house price ratio climbed to 8.1 in Britain.

The data shows that the average person in Britain earns a gross income of £31,770. Back in July, the average property price in Britain was £239,355. This placed the income to house price ratio at 7.5 - essentially meaning that it would take 7.5 years of the average gross income to fully cover the cost of the average property.

However, since then the latest available data for May of this year shows that house prices have climbed to an average of £257,726 across Britain, pushing the average income to house price ratio up to 8.1 - a 0.6% increase in less than a year.

Interestingly, while the average income to house price ratio differs across Wales, Scotland and England, all three nations have also seen a 0.6 increase, despite also seeing their respective SDLT holidays run for varying periods of time.

South East sees the largest regional jump

All regions of Britain have seen an uplift in the income to house price ratio since the launch of the stamp duty holiday.

The South East has seen the largest regional jump, up 0.7 from 9.3 in July of last year. This means that the average home in the region now costs ten times that of the average gross income.

While London is home to the largest current ratio at 11.7, the region has, at least, seen the smallest increase, up by just 0.3 since July 2020.

North Devon (+2.2), South Hams (+2.2) and West Devon (+2.0) have also seen the average income to house price ratio climb by more than +2 in less than a year.

Founder and CEO of GetAgent.co.uk, Colby Short, commented: "Much like most government initiatives to stimulate the housing market, a short term focus on house price prosperity is starting to leave a legacy of long market delays, disgruntled homebuyers and some of the worst levels of housing affordability we've seen in recent times.

"While it may be accepted that some areas of Britain are home to far higher property values and therefore require a far greater level of earnings, to see this ratio increase so notably across the board, and in less than a year, really highlights the tough task facing today's aspirational homeowners."