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Property 'significantly' more affordable for new buyers
Published: 31/12/2008 |
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House price falls have helped make property significantly more affordable for first-time buyers (FTB), the Halifax has reported. In its first ever review of this kind, the lender tracked affordability across 406 local authorities. It revealed the house price to earnings ratio has improved significantly over the last 18 months and in 14 per cent of the areas monitored, the average price paid by an FTB was affordable. "There has been a marked improvement in housing affordability in many parts of the UK," commented chief economist Martin Ellis. "FTBs, in particular, are benefiting, especially outside the south of England and the midlands. We expect this trend to continue in 2009." The study found housing most affordable in Scotland and Yorkshire and the Humber. The number of local authorities that have affordable housing has trebled, according to the study. This combined with falling mortgage interest rates could tempt people out of the rental market and into their first property. The Royal Institution of Chartered Surveyors reported in October rents fell for the first time since April 2003.  |
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