Halifax reveals affordability boost for first-time buyers

Money News

www.moneynews.co.uk > Mortgages > Halifax reveals affordability boost for first-time buyers

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Halifax reveals affordability boost for first-time buyers

More people could be encouraged to pursue mortgages after new research from Halifax revealed that affordability for first-time buyers is at its best level since 2003.

However, the same study also found that the number of people purchasing homes for the first time in the UK fell to a record low in 2011.

The annual first-time buyer review discovered that the average house price paid by new buyers in November this year was affordable for someone on average earnings in 44 per cent of all local authority districts.

Despite this, there were approximately 187,000 first-time buyers in 2011 - a seven per cent drop from 2010 and the lowest yearly total since records began.

Halifax housing economist Martin Ellis said economic conditions "remain tough" for first-time buyers, even though affordability has improved in many areas of the country.

He commented: "Difficulties raising the necessary deposit and concerns over the economic climate are preventing many from entering the market."

A poll conducted by Reuters this month forecast a 1.7 per cent drop in British house prices next year.

Click here for more mortgages newsADNFCR-323-ID-801250533-ADNFCR

Related News : Mortgages

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Halifax

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet