FTBs 'enjoying greater affordability'

Posted: 29 Dec 2011 11:44:22 GMT

Affordability for FTBs is the highest it has been for eight years.

First-time buyers (FTBs) in the UK may be finding paying for a property is easier at present than it has been in recent years.

This is because the Halifax FTB Review has shown affordability for this group is currently at its highest for eight years.

According to the statistics, the average house price paid by an FTB in November was affordable for individuals on a typical wage in 44 per cent of all local authority districts.

Martin Ellis, housing economist at Halifax - which is a division of Bank of Scotland - said access to the market for "those looking to get onto the property ladder for the first time has improved significantly over recent years, largely as a consequence of the decline in house prices since 2007".

The industry figure added, however, that conditions for these purchasers remain tough as a result of difficulties incurred when trying to raise a deposit.

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