First-time buyers find homes are more affordable

HOUSES are more affordable now than at any time in the last quarter of a century with first-time buyers accounting for a third of the mortgage lending sector.

According to the latest EBS/DKM affordability index an average first-time buyer working couple is paying 13.4% of their joint income to service their mortgage compared with 26% in December 2006.

Low interest rates and 2003 level house prices have resulted in record highs in housing affordability, according to the index.