Homes bought by first-time buyers have reached their most affordable levels since 2003 – but numbers have hit a record low, Halifax has found. Houses bought by first-time buyers in November were found to be priced at "affordable" levels in 44 per cent of the UK, the highest for eight years.

Halifax also found most areas with affordable homes were outside the South of England. No districts in London are deemed affordable while all districts in the North East are. Three-quarters of affordable areas are in the North East, North West, Yorkshire and the Humber, East Midlands, West Midlands, Scotland, Wales and Northern Ireland compared with just 5 per cent in the South.