More Towns Affordable For First-Time Buyers

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More Towns Affordable For First-Time Buyers

Post by Guest on Sat Aug 06, 2011 10:17 am

Nearly half of Britain's towns and cities have affordable properties for first-time buyer - the highest level for eight years - according to new research.

The survey, conducted by Halifax's annual First Time Buyer Review, found that the proportion of towns and cities that are affordable for first-time buyers has risen to its highest level since 2003. The figures suggest the average house price paid by a first-time buyer has fallen by 4.1% over the past year from £140,883 to £135,091.

The average house price paid by a first-time buyer in June 2011 was affordable for someone on average earnings in 48% of all local authority districts, a spokesman said. In 2007, the figure dipped to just 6%, he added.


First-time buyers have had a hard time finding affordable homes

However, over the past decade, first-time buyer property prices have risen by 76% from £76,855 in 2001 to £135,091. The spokesman said the latest figures also showed a stark divide between the north and south of the UK. He said that 80% of local authority districts in the north had affordable housing for first-time buyers compared to only 8% in the south.

Suren Thiru, housing economist at Halifax, said: "It is encouraging that housing affordability for first-time buyers in general has improved significantly over recent years, as a consequence of the marked falls in both house prices and interest rates since 2007. However, there is a distinct north-south divide within this improvement as the majority of affordable areas are in the north."

http://news.sky.com/home/article/16044763


It's good to hear that the situation for first time buyer's is improving. House prices and the rental costs in the South are outrageous Sad


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