First time buyers hit 27-year low

The Halifax’s latest First Time Buyer Review found housing was unaffordable for the average first time buyer (4x average incomes or more) in 466 out of 483 towns analysed. Research estimates the number of first time buyers entering the market has sunk to just 300,000 in 2007, considerably less than the 532,000 seen in 2002 and the lowest level since 1980. In 2007, first time buyers cannot afford to buy terraced property, traditionally the most affordable option, in 71% of towns in the UK, compared with just 11% of towns in 2002. Towns in general have become far more unaffordable, with th...