Survey says first-time buyers are not suffering from affordability problems

Despite recent commentary that first-time buyers are being priced out of the property market, research from mortgage broker Savills Private Finance claims property is more affordable today than it was 10 years ago. The research revealed that as a percentage of salary, mortgage repayments for first-time buyers are at a lower level across the UK ' including hotspot London ' than they were in 1992. According to Savills, mortgage repayments on the average UK property account for 22% of a first-time buyer's salary, compared to 33% 10 years ago. In London, the current figure increases to 3...