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Good news for nurses buying homes

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Nurses can now afford to buy a home in 3% of UK towns compared with just 0.4% in 2007, according to mortgage lender Halifax.

Halifax reports that plunging house prices have meant an average sevenfold affordability improvement for key workers, from 3% two years ago to 21% now. Police officers are the biggest winners - 37% - with teachers a close second at 25%, up from just 6% in 2007. Firefighters and paramedics have also seen ‘moderate’ improvements.

Location-wise, Grangemouth in Scotland is the cheapest, with the average properties there costing 2.7 times average key-worker earnings, followed by 2.8 for Peterlee, County Durham, and Nelson in Lancashire.

Kensington and Chelsea in London are the least affordable, with a price-to-earnings ratio of 14.9, followed by Hammersmith and Fulham at 13.8 and Westminster at 13.6. Overall, the cheapest properties can be found inYorkshire and the Humber, followed by Scotland, Wales, and the North West.

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