Mortgage affordability rises in the UK

Mortgage affordability for those looking to buy property in the UK has risen, new figures from Halifax have shown.

According to the organisation, affordability in the country now stands at a 12-year high, with 40 per cent of local authorities being branded as affordable for first-time buyers.

This figure represents a considerable improvement from the same statistic during the market high of 2007, where only six per cent of areas were judged to be affordable.

Halifax claims that the recent stamp duty threshold increase, which meant that only five per cent of fist-time buyers had to pay the tax, should be considered as one of the primary reasons for the rise in affordability.

Martin Ellis, housing economist at Halifax, commented: "The 'noughties' were a difficult period for many looking to get onto the property ladder.

"The substantial rise in house prices over much of the decade prevented many potential first time buyers from entering the market, however, affordability has improved significantly over the past three years."

www.propertyshowrooms.com