Boost for buyers.
The average earner can now afford to buy a first home in 21 per cent of local authority areas in the UK, up from six per cent in the third quarter of 2007.
The Halifax figures also show the house price-to-earnings ratio, a key measure of affordability, is 4.34, its lowest level for more than six years and down from a high of 5.84 in July 2007.
The proportion of their disposable income first-time buyers need to use to cover mortgage repayments has also dropped from a high of 48 per cent to 31 per cent..
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|Publication:||Daily Record (Glasgow, Scotland)|
|Date:||May 2, 2009|
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