Is 2009 going to be easier for first time buyers and the rest of us to buy?
The house price to key earnings ratio was 4.56 in November 2008, according to HBOS. The company’s First-Time Buyer Affordability Review found the ratio has fallen from its peak of 5.84 in July 2007, taking it to its lowest level for more than five years. (In July 2003 it was 4.54.).
Martin Ellis, chief economist at Halifax, said: 'There has been a marked improvement in housing affordability in many parts of the UK. First-time buyers, in particular, are benefiting, especially outside the south of England and the Midlands. We expect this trend to continue in 2009.'
The NHBC, the leading warranty provider and standard setting body for new homes in the UK, has stated that the total number of new homes that were started in the UK in 2008 will be approximately 103,000. The figure is just over half the number of new homes started in the calendar year 2007 (200,697).
Martin Ellis, chief economist at Halifax, said: 'There has been a marked improvement in housing affordability in many parts of the UK. First-time buyers, in particular, are benefiting, especially outside the south of England and the Midlands. We expect this trend to continue in 2009.'
NHBC's Chief Executive, Imtiaz Farookhi, said: 'The industry is unquestionably facing another tough and challenging year ahead. Based on current build rates and builder feedback, we anticipate a total of 85,000 new home starts for the financial year 2008/09, with similar provisional volumes anticipated for 2009/10, before seeing an increase in new house building activity in 2010 and onwards.'
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