Reported in Saturday's "Financial Times":
"The mortgage market for first-time buyers is slowly improving as more lenders launch innovative products and house prices become more affordable. But the criteria for granting loans are still tough, mortgage brokers have warned.
According to the Council of Mortgage Lenders, the number of first-time buyers taking out mortgages hit a ten-month high in June - up 24 per cent from May, to a total of 18,100 loans. Last week, Halifax also reported that the number of towns in which first-time buyers can afford property is at its highest since 2003. Research from the mortgage lender found the average house price in June was affordable for someone on average earnings in 48 per cent of all local authority districts, compared with 40 per cent in 2010, and just 6 per cent in 2007".
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