North East is best for affordable housing, claims survey

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THE NORTH East has the highest share of areas that are affordable to first-time buyers, according to new figures.

Those taking their first step on the property ladder will find homes within their means in every local authority district in the region.

According to the study by Halifax, 100 per cent of districts in the North East had homes for sale which were within buyers’ grasps.

Districts were deemed “affordable” if the average house price for a first-time buyer was lower than what someone on typical earnings living there could pay.

Halifax housing economist Martin Ellis said the findings suggested there could be an increase in first-time buyer numbers this year, although this would still be from a low level.

“This partly reflects the substantial improvement in home affordability for first-time buyers since 2007, following the fall in house prices over the period,” he said.

London was the only region where there were no affordable areas.