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Property 'getting more affordable'

People putting savings aside towards mortgage deposits might find that the affordability of property is improving compared to their earnings.

That is according to LSL Property Services director David Newnes, who said the last five years have seen house prices grow at a slower pace than people's incomes.

He stated: "While the rapid gains of the first part of the decade look unlikely to return in the near future, buyers able to obtain mortgage finance are finding property [is] getting more and more affordable relative to their incomes."

Citing research from his organisation, Mr Newnes added that between 2006 and this year, a house price increase of just 11 per cent was witnessed.

This compares with the growth rate of 79 per cent which was recorded in the five-year period leading up to 2006.

On a monthly basis, LSL Property Services research recently revealed that a 0.8 per cent fall in house prices was seen in June 2011.

Copyright © Press Association 2011

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