28
Dec
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.