Research suggests first time property buyers will now find property affordable in nearly four out of ten areas of the UK.

According to high street bank Halifax, any individual buying property for the first time and whose has average earnings, can afford to purchase property in 39% of local authority districts, a marked improvement from 2007, when house prices peaked and someone with average earnings could only afford to buy homes in 6% of the areas.

According to Nationwide building society, there has been some recovery in the price of houses from last year’s massive fall of 15.9%, with UK house prices showing a rise of as much as 5.9% in
2009.

For the eighth month in a row, the average cost of a home went up 0.4% in December to £162,103. Despite the recession, the past decade has shown the strongest on record for house prices, according to Nationwide, with property values rising 117% since end-1999.

According to the nation’s chief surveyors’ body, house prices are not expected to see any significant increase during the coming year, as the property market continues to face significant challenges, due to weak economic growth, tax increases and high unemployment hampering buyers’ ability to pay.

In its official forecast of house prices and demand in the UK for next year, the Royal Institution of Chartered Surveyors (RICS) said there would only be a modest increase in prices, as little as 1 to 2%, even though more homes would be bought and sold in 2010 compared to 2009.

Having completed a new mortgage financing for $175-million Friday, HRPT Properties Trust says it will use the proceeds for reducing all outstanding debt under its revolving bank credit facility.

HRPT Properties, in its third-quarter earnings conference call in November said it had $2.8-billion of outstanding debt i.e. 47% of its total assets, with no significant debt maturities until 2011.

According to Freddie Mac's weekly survey, 30-year fixed rate mortgage rates have fallen to their lowest level in 38-years, with interest rates for 30-year and 15-year fixed-rate mortgages falling for the 5th consecutive week.

Weak demand for housing, including rising foreclosures have pushed mortgage rates lower, even as, treasury prices have risen, a sure indication of investors and financial institutions retreating from risky bets, resulting in lower yields that mortgage rates tend to follow.

The Obama administration is renewing its efforts for compelling mortgage companies to convert temporary restructured home loans into permanent ones by year-end, in order to prevent foreclosures of houses belonging to home-owners, struggling to keep up with mortgage payments.

For the second week in a row, the rates for 30-year home loans have stayed below 5%, with the average interest rate falling to 4.91% from the earlier week's 4.98%, according to mortgage company Freddie Mac.

While, the rates hit a record low of 4.78% in the spring, the current rates are attractive enough for those interested in buying or refinancing a home.

A report by estate agents has revealed that for every property currently for sale on the market, there are an average five potential buyers. As the demand for properties continues to outrace the supply, each buyer has five others to compete with.

For the month of October, the National Association of Estate Agents (NAEA) has confirmed that properties offered for sale by each of its registered member was being pursued by an average of five house-hunters.