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Affordability 'rising' for first-time buyers
31 December 2008 15:14
First time buyers are increasingly finding the British property market more affordable, according to new research.
An investigation by Halifax found that within local councils up and down the UK, the divide between average property values and earnings has fallen to its lowest level in five years.
Despite this promising figure, the bank's buyer affordability review also found that houses in areas such as Greater London were still relatively unattainable for those looking to purchase their first home.
Chief economist at Halifax, Martin Ellis, noted that there had been a noticeable improvement in the affordability of housing in many parts of the country.
He added that, in particular, those trying to get a foot on the property ladder outside of the south of England and the midlands were having much more luck. Mr Ellis predicts that this trend will continue next year.
According to statistics published by Halifax, the areas of the UK which have become the most more affordable are Scotland, Yorkshire and the Humber.
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