The 10 countries where property is cheapest Price-to-income index: 7 The study was put together by the Organisation for Economic Co-operation and Development (OECD). The body has 34 member countries, which include Western and developing nations from around the world. The OECD looked at house prices relative to wages, then compared this ratio with historical averages. A "price-to-income index" figure of 0, for example, means that the affordability is neither higher or lower than the long-term average. A negative number means property is more affordable relative to earnings than the historical norm. This slideshow displays the top 10, and counts down to the most affordable country of all. As part of its study the OECD also captured how prices look against rents. The figures, included in a wider report on economic prospects in May, offered a signal as to where buyers might be able to find a property bargain - and the nations where they may be overpaying. Prices in Britain are above longer-term norms relative to rents and incomes, suggesting the market is overheating. But some Commonwealth countries were found to have the most wildly overvalued property markets among the OECD countries. They include New Zealand, Australia and Canada.