First-time buyers 'to benefit from affordability boost'

News Category: Industry News

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First-time buyers on the mortgage market are likely to benefit over the forthcoming 12 months after new figures revealed that houses are becoming more affordable.

According to the Halifax First-Time Buyer Affordability Review, the situation has improved this year and is set to continue on an upward trend in 2009.

The review showed that seven out of 12 UK regions analysed have experienced a boost in affordability, with Yorkshire and the Humber, and Scotland topping the chart.

Figures revealed that the proportion of affordability for first-time buyers in the UK has trebled this year alone.

The Royal Institution of Chartered Surveyors recently predicted that investors with a view to rent are likely to return to the market in 2009 because property is to become more affordable.

This followed the publication of its housing forecast which revealed that prices are to drop by ten per cent over 2009.

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