UK Money News
3rd January 2008
Affordability 'remains an issue for new buyers'
Current affordability figures produced by one personal finance provider have been questioned by a specialist first-time buyer firm today.
Firstrung has suggested that data supplied by Halifax on the amount of help with money required by first-time buyers is not representative of the true situation.
This is because the demographic does not normally buy averagely priced homes, the company claims.
However, it agrees that affordability remains a significant problem for the group.
Paul Holmes, chief executive officer of Firstrung, said: "The majority of first-time buyers that approach us to look at mortgages and who are naive to the whole process are straight away looking at five to six times combined or single salary."
In related money news, Halifax announced shortly before Christmas that the average house in 96 per cent of towns in Britain was now outside the price range of first-time buyers.
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