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"Reduced borrowing rates and lower house prices have combined to leave the average household with more of their after-tax income than at any time since 2002.
"Mortgage payments absorbed 28pc of a new borrower’s disposable income in the final quarter of last year, according to analysis out today from Halifax, which is part of Britain’s biggest lender Lloyds Banking Group. At its peak in the third quarter of 2007, the proportion was 48pc.
"... However, the cheap deals remain out of reach for many would-be homeowners due to the banks’ larger deposit requirements."