'Noughties' were difficult for mortgage applicants, says Halifax

Date:Wednesday 29th December 2010
Author: Max Freedman

A mortgage expert from Halifax has highlighted how the past decade has been tough for people seeking home finance deals.

Martin Ellis, housing economist at the company, pointed out that there has been a general "tightening" in the lending criteria demanded by financial institutions.

"The substantial rise in house prices over much of the decade prevented many potential first time buyers from entering the market," he said.

However, Mr Ellis noted that there are signs of improvement in terms of mortgage availability, although he admitted they are currently only "modest".

The Halifax representative made his remarks after the company released research showing that 40 per cent of local authority districts were classed as 'affordable' for first-time buyers, compared with six per cent in 2007.

Earlier this week, the firm unveiled its annual Quality of Life Survey, which indicated the Surrey borough of Elmbridge has finished top of the rankings for a third consecutive year.