Housing affordability in the UK ‘improved significantly’ in 2008 because of falls in property prices the Halifax has said. The house price to earning ratio dropped to 4.56 in November, following house price falls of more than 16 per cent in the previous 12 months. The ratio is at its lowest level for more than five years, and well down on its peak of 5.84 in July 2007. Despite the house price falls seen during the past 18 months, there was no increase in the number of areas that were affordable in London, the South West, West Midlands, Wales and Northern Ireland. However, for first-time buyers, the number of regions where housing became more affordable tripled, with Scotland seeing the biggest rise in affordability, with 67 per cent of local authorities now affordable for a single first-time buyer.