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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

House price affordability `improved for FTBs`

02/01/2009

First-time buyers (FTBs) are now more able to afford mortgages, it has been revealed.

According to figures produced by Halifax, the average house price to earnings ratio stood at 4.56 in November 2008.

This represents a fall from its peak of 5.84 in July 2007 and is its lowest level since July 2003.

In further positive news for people looking to secure their first mortgage, the number of local authorities in which the average property is affordable to FTBs on average earnings increased from 18 in 2007 to 57 in 2008.

"There has been a marked improvement in housing affordability in many parts of the UK. FTBs, in particular, are benefiting, especially outside the south of England and the Midlands. We expect this trend to continue in 2009," stated Martin Ellis, chief economist at Halifax.

Last month, Paul Holmes, chief executive officer of Firstrung, said that some FTBs will benefit from lower home loan repayments because they will have been forced to save up a "decent deposit" by firms which have toughened their lending criteria.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according