07:05 Tuesday 27th December 2011
BBC Radio Cambridgeshire
EMILY BALL: The Halifax says that Peterborough is the most affordable area in the South of England for first time house buyers. It is estimated the average property in the city costs nearly four times a first time buyer’s gross annual earnings. With more details, Here’s Dottie Mcleod. (TAPE)
DOTTIE MCLEOD: The bank’s first time buyer review claims that across the East of England only 7% of houses are affordable. That compares to 100% in the North East, and 79% in the East Midlands. A house was deemed to be affordable if it cost less than four times an average first-time buyer’s yearly earnings. The average house in Peterborough therefore only just qualifies for the description, costing 3.98 times an average first time buyer’s gross income.