The proportion of homeowners’ income being swallowed up by mortgage payments is now one of the smallest since the mid-1990s, according to the Halifax. It said typical mortgage payments accounted for less than a third (29%) of homeowners’ disposable income in the last three months of 2017 – down from almost half (47%) during the same period in 2007. This figure is also “comfortably below” the long-term average of 35% for the period between 1983 and 2017.

This is a boost for those who have a mortgage and those preparing to take their first step on the property ladder

The bank said that in the second quarter of 2013 the figure went down to 26.3%, and ended that year close to 28%. Prior to that, you have to go back to the spring of 1996 for the lowest figure on record: 23.6%.

“This is a boost for those who have a mortgage and those preparing to take their first step on to the property ladder,” said Andy Bickers, mortgage director at Halifax.

However, there are wide regional variations. Unsurprisingly, the 10 least-affordable areas are mainly in London and the south-east. The London boroughs of Brent and Haringey are said to be the least affordable places in the country, with average mortgage payments on a new home loan eating up 61.1% and 60.5% of typical disposable earnings respectively, followed by the London borough of Harrow (57.7%) and Elmbridge, Surrey (56.3%).

The 10 most-affordable areas are in northern Britain. Copeland in western Cumbria was rated the most affordable, with typical payments there accounting for just under 15% of earnings, followed by Inverclyde, North Ayrshire and West Dunbartonshire, all in Scotland, where the figures were 15%-16%.

Driving this big improvement in affordability are low interest rates – but these are set to rise.