Houseing Affordability 'Improving'Housing affordability has improved significantly for first-time buyers over the last year, it has been revealed.
Figures compiled by Halifax revealed that in 2009, people on average earnings could afford to purchase property in 39 per cent of local authority areas in the UK, compared to just six per cent in 2007.
The proportion of disposable earnings that first-time buyers are required to dedicate to their mortgage payments has also dropped over the last 12 months, the data found.
Commenting on the findings, Halifax housing economist Martin Ellis said: "Housing affordability for potential first-time buyers has improved substantially over the past two years due to the combination of lower house prices and reduced mortgage rates."
He added that the recent tightening in lending criteria is still making it difficult for some people to get on to the housing ladder.
However, speaking last month, Katie Tucker, technical manager at mortgageforce, said lenders are likely to offer more affordable deals over the coming year.
First-time buyers can make their move easier by using self storage facilities.
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