Housing Unaffordable for First Time Buyers
Average house price unaffordable to average earners in 92% of towns
24th January 2005
A survey by the Halifax bank has come to the conclusion that first time buyers can't afford an average priced house in 92% of towns surveyed.
The study compared average house prices in 597 UK towns with the size of mortgage an average earner could expect to afford, and found that those without existing property to help fund the purchase would not be able to buy in 548 of them.
Unsurprisingly, the problem was greatest in the south east of England, with property costing up to 18 times the average wage, while in parts of the north and Scotland the ratio was much lower - as low as 3 times average wage in Lochgelly, Scotland.
Read More: Sky News
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