Landlords looking to invest in their first property may be interested in research claiming that property was more affordable for first-time buyers (FTBs) in 2009 than in 2007.

Average prices paid for property by an FTB on average earnings was affordable in almost four in ten local authority districts, Halifax claimed.

The bank's First-Time Buyer Annual Review found that between 2008-09, 24 per cent of local authority areas became affordable.

Housing economist at Halifax Martin Ellis said: "Housing affordability for potential first-time buyers has improved substantially over the past two years due to the combination of lower house prices and reduced mortgage rates."

It was added that the relationship between mortgage payments and earnings is below the average seen over the past 25 years.

However, certain FTBs did not benefit from the improved conditions thanks to tightening in lending criteria.

In December, real estate provider Savills said there were "significant constraints"for FTBs wishing to enter the market.

Written by John WeeksADNFCR-2002-ID-19538580-ADNFCR

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