28 Dec

FTB affordability at eight year high

FTB affordability at eight year high

The affordability of getting onto the property ladder for those who are looking to buy their first home is currently cheaper than it has been in recent years.

Latest data from the Halifax has found that first-time buyers now face the most affordable mortgages for eight years.

One of the biggest barriers for first-time buyers in recent years has been the level of deposit required to secure a mortgage. However, the average is now down by 15 per cent compared to last year at the same time.

The most affordable area of the country is the north. This is good news for those looking for property for sale in Brough.

Patel, housing economist at Bank of Scotland, said: "Housing affordability for those looking to get onto the property ladder for the first time has improved significantly over recent years, largely as a consequence of the decline in house prices since 2007."

The Bank of Scotland has also released figures which show that 77 per cent of Scottish homes are affordable for first-time buyers.ADNFCR-1222-ID-801250467-ADNFCR

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