Here is the proportion of affordable districts for first-time buyers, by unaffordable districts:
- North East 100%, 0%
- North West, 97%, 3%
- Scotland, 93%, 7%
- East Midlands, 85%, 15%
- Yorkshire and The Humber, 82%, 18%
- Wales, 81%, 19%
- West Midlands, 73%, 27%
- East of England, 21%, 79%
- South East, 15%, 85%
- South West, 6%, 94%
- London, 0%, 100%
The findings suggested there could be an increase in first-time buyer numbers this year, although it would still be from a low level.
– Martin Ellis, Halifax housing economist
This partly reflects the substantial improvement in home affordability for first-time buyers since 2007, following the fall in house prices over the period. However, the continued uncertainty over the outlook for the UK economy and the difficulties faced by many in raising the necessary deposit remain significant hurdles for those wishing to buy their first home.
The study by the Halifax shows a widening North-South divide. London is the only region where there were no affordable areas found for would-be buyers on average earnings. By contrast, 100% of districts in the North East were within buyers' grasp.
A new study has found the share of UK towns and cities that are affordable to first-time buyers is at its highest in a decade. The Halifax found:
- Those taking their first step on the property ladder will find homes within their means in 54% of local authority districts
- It's the highest proportion since 2002 when 64% of districts were within buyers' reach
- The number is up from 40% a year ago