This Is London reports on new figures by the British Bankers' Association that show the average home loan taken out by a first-time buyer has passed the £150,000 mark for the very first time. That leaves someone on an average UK salary paying 70% of their income to fund their mortgage. In June 2003, the figure was £100,000. In March 1994, it was just £50,000.

UPDATE - Interestingly, Mervyn King's take on the new BBA figures emphasised something different. He was talking to a parliamentary committee yesterday, pointing out that new mortgage approvals were at their lowest level since July 2005 - and claiming that three interest rate rises were at last slowing the property market down. More here.

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