House prices beyond first-time buyers

The Halifax reports that first-time buyers cannot afford property in nearly 95% of the UK.

The study covered 597 main UK postal towns, and defined a town as unaffordable for first-time buyers if the average property price was more than 4.37 times the average salary.

The problem was particularly serious in the south and south-east, while Scotland remained most affordable.

The news adds to growing fears regarding the housing market bubble, which has now seen the lowest numbers of first-time buyers since 1981.