More than nine-in-ten, or 92% of the UK's main postal towns are now out of reach of the average first time buyer of residential property, according to figures published by Halifax.
Additionally, the lender notes even the lowest price/income ratio for the average property in any of the 597 towns reported on stands at more than 3x – higher than the recommended price/earnings multiple used by lenders to determine maximum borrowing limits. Average prices in the most expensive UK town according to the price/income multiple – calculated using regional first time buyer average income figures from the Council of Mortgage Lenders – stand at 18.02x for Gerrards-Cross in the Southeast. The cheapest town according to the p/i multiple is Lochgelly in Scotland on 3.04x. T...
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