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Homeowner loans 'more affordable'
Homeowner loans are affordable for first-time buyers in almost four out of ten local authority districts, it has been revealed.
Research carried out by financial services provider Halifax found that those on average incomes could potentially afford a mortgage in 39 per cent of local authority areas.
The group said that the increased affordability was the result of a combination of lower house prices and interest rate reductions.
Martin Ellis, housing economist at Halifax, commented: "Housing affordability for potential first-time buyers has improved substantially over the past two years due to the combination of lower house prices and reduced mortgage rates."
He added that mortgage payments in relation to earnings are currently significantly below the average during the past 25 years.
Last week, advisory firm Mortgageforce predicted that those looking for homeowner loans will benefit from increased competition among lenders during 2010 resulting in better deals and more flexible credit scoring.