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Halifax survey shows housing is now more affordable

A survey by Halifax today casts a very different light on the UK property sector with regards to first-time buyers specially. The reports suggest that 94% of first-time buyers were not required to pay stamp duty on their purchases between January 2010 and June 2010. A number of first-time buyers confirmed this was a major factor in their ability to climb onto the property ladder with the Halifax also showing that 80% of first-time mortgage applications were approved - something which seems to be very out of sync with the rest of the sector.

The report also claims that the percentage of monthly salary going towards mortgages is now below the 25 year average and the situation may not be as bad as many would have you believe. While this report would seem to be at odds with a number of similar surveys over the last few weeks it does come from one of the UK's leading mortgage lenders. If this situation was to continue for the foreseeable future then there is potentially a base for growth in the UK property sector.

On the downside, even on the back of these impressive figures the Halifax also admits that there are "challenges" for first-time buyers with regards to raising the deposit required to apply for a first-time mortgage.

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