Affordability improves but first-time buyers still locked out

Figures from LPW’s Affordability Index show that despite house price falls, first-time buyers are still locked out of home ownership as the level of deposit required soars. The average price for first-timers is almost £30,000 less than last year, however, deposits have doubled to more than £30,000. And lack of mortgage finance was not the only factor holding back buyers – rising repossessions, unemployment and economic uncertainty have all had an impact and the number of loans to first-time buyers nearly halved.