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First-time buyers 'at fresh low' First-time buyers 'at fresh low'
(about 7 hours later)
The number of first-time home buyers in the UK has dropped to its lowest point since 1980 as house prices soar, mortgage lender Halifax says.The number of first-time home buyers in the UK has dropped to its lowest point since 1980 as house prices soar, mortgage lender Halifax says.
An estimated 300,000 first-time buyers entered the market in 2007, 15,000 less than the total a year earlier. An estimated 300,000 first-time buyers entered the market in 2007, 15,000 fewer than a year earlier.
Halifax found that the average house was out of the reach of a typical first-time buyer in 96% of UK towns. The average house was out of the reach of a typical first-time buyer in 96% of UK towns, Halifax found.
The average price paid by a first-time buyer for a property increased 15% during this year to £175,093.The average price paid by a first-time buyer for a property increased 15% during this year to £175,093.
Priced outPriced out
The price has soared 82% over the past five years, it added.The price has soared 82% over the past five years, it added.
LEAST AFFORDABLE TOWNS Henley-on-Thames, Oxon Ilkley, W YorksSevenoaks, KentAscot, BerkshireAmersham, BucksHook, HampshireWinchester, HampshireWetherby, W YorksPulborough, W. SussexTruro, Cornwall Source: HalifaxLEAST AFFORDABLE TOWNS Henley-on-Thames, Oxon Ilkley, W YorksSevenoaks, KentAscot, BerkshireAmersham, BucksHook, HampshireWinchester, HampshireWetherby, W YorksPulborough, W. SussexTruro, Cornwall Source: Halifax
"Rising property values have priced many potential first time buyers out of the housing market," Martin Ellis, chief economist at Halifax. "Rising property values have priced many potential first-time buyers out of the housing market," Martin Ellis, chief economist at Halifax.
"When they do enter the market first time buyers are now more likely to be in their 30s rather than their 20s and buy a flat rather than a terraced house." "When they do enter the market, first-time buyers are now more likely to be in their 30s rather than their 20s and buy a flat rather than a terraced house."
Henley-on-Thames was the UK's least affordable town, with the average property price of £642,672, 13.1 times the average income of a first-time buyer household. Henley-on-Thames was the UK's least affordable town, with an average property price of £642,672 - more than 13 times the average income of a first-time buyer household.
MOST AFFORDABLE TOWNS Bootle, MerseysideGosport, HampshireLerwick, ShetlandNelson, LancashireSouth Ockendon, EssexClacton-on-Sea, EssexNewham, LondonCumnock, AyrshireSt Leonards, E SussexAshington, Northumberland Source: HalifaxMOST AFFORDABLE TOWNS Bootle, MerseysideGosport, HampshireLerwick, ShetlandNelson, LancashireSouth Ockendon, EssexClacton-on-Sea, EssexNewham, LondonCumnock, AyrshireSt Leonards, E SussexAshington, Northumberland Source: Halifax
Ilkley in West Yorkshire was the second least affordable town with average home values 11.9 times that of income. Ilkley in West Yorkshire was the second least affordable town with average home values almost 12 times that of income.
Seven out of 10 of the least affordable towns are in the South East.Seven out of 10 of the least affordable towns are in the South East.
Bootle in Merseyside was the most affordable location with average price of £112,689 just over three times average earnings. Bootle in Merseyside was the most affordable location with average price of £112,689 - just over three times average earnings.
A house was classified as unaffordable if the average price was above four times the total income of the first-time buyer household.A house was classified as unaffordable if the average price was above four times the total income of the first-time buyer household.
Conditions to improveConditions to improve
Halifax's report found that flats, along with terraces, are now the most common property for first-timers, with 37% of buyers purchasing a flat.Halifax's report found that flats, along with terraces, are now the most common property for first-timers, with 37% of buyers purchasing a flat.
The average first-time buyers in eight out of 12 UK regions paid stamp duty in 2007, Halifax added.The average first-time buyers in eight out of 12 UK regions paid stamp duty in 2007, Halifax added.
Stamp duty is currently paid on houses worth £120,000 or more and the threshold was last raised from £60,000 in 2005. Stamp duty is currently paid on houses worth £120,000 or more, and the threshold was last raised from £60,000 in 2005.
Halifax's report comes amid a slowdown in the property market.Halifax's report comes amid a slowdown in the property market.
The lender reported a third consecutive monthly fall in house prices in November.The lender reported a third consecutive monthly fall in house prices in November.
The Royal Institution of Chartered Surveyors (RICS) said conditions for first-time buyers should begin to improve in the coming year.The Royal Institution of Chartered Surveyors (RICS) said conditions for first-time buyers should begin to improve in the coming year.
"There is huge pent up demand from first time buyers and should house prices drop in the early part of the year, many will be ready to pounce, especially if more repossessions filter through into the market," said RICS chief economist, Simon Rubinsohn. "There is huge pent-up demand from first-time buyers, and should house prices drop in the early part of the year, many will be ready to pounce, especially if more repossessions filter through into the market," said RICS chief economist, Simon Rubinsohn.