Housing affordability for first-timers at 8 year high, claims Halifax

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Housing affordability for first-timers at 8 year high, claims Halifax

The number of local authority districts with affordable housing available to first-time-buyers (FTBs) is at its highest since 2003, the UK's largest provider of FTB mortgages has argued.

Halifax's claims rest on its calculation of finding the lowest property value in a given area and contrasting that with how much a person in that same area on the average local salary can pay for. Affordability of a mortgage, argues Halifax, is based on four-times that yearly salary.

Using data from the Council for Mortgage Lenders, the Office for National Statistics and its own database across nearly 250 local authorities, the mortgage lender concluded prices are at their most affordable for FTBs in 48 per cent of authority boundaries. This compares to 40 per cent in June 2010 and just six per cent in 2007.

"As these latest figures show, there are opportunities for those who do want to buy their first home," claimed Halifax Mortgages commercial director Stephen Noakes.

The findings come after the mortgage lender released a range of reductions across its mortgage products on Friday (August 5th) including the largest at a 0.35 per cent drop in its 75 per cent LTV three-year fixed-rate loan.

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