U.K. Mortgage Affordability Improved in 2010, Halifax Says
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U.K. first-time buyers’ ability to afford a mortgage improved this year to the highest since 1998 after house prices weakened and home loans became cheaper, Halifax said.
The proportion of disposable income needed for mortgage payments by individuals buying homes for the first time was 27 percent, the lowest in 12 years, the division of Lloyds Banking Group said in a statement today. That compares with a peak of 50 percent in September 2007.