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."

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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