First-time buyer mortgage affordability has improved over the past year, according to Lloyds.

The lender’s affordability review today shows a typical first-time buyer home now costs 5.9 times average earnings, which it says is the lowest ratio since 2015.

The analysis is based on a typical first property costing £237,518, up 2.4% over the last year, while average incomes are up by 6.2% to £40,021. The report uses mortgage approval data from Lloyds and Halifax’s customers compared to ONS figures for earnings.