Home loans 'most affordable in 14 years'

Record low interest rates mean typical mortgage payments for first-time buyers and home movers stood at 27% of disposable earnings in the final quarter of 2011, well below the 37% average of the past 27 years.

House prices were up 0.6% in January, their first rise in three months, and in central London luxury home prices gained for the 15th straight month. But Halifax dampened hopes of a revival.