Mortgages at their most affordable for over 10 years

The proportion of household income being used to meet mortgage repayments has fallen to the lowest level since 1999. Research done by the Halifax shows that for both first time buyers and existing homeowners the average mortgage now takes up 28% of disposable income, the peak was at the height of the housing boom in 2007 when the figure stood at 48%. All 12 regions of the UK have seen an increase in mortgage affordability since mid 2007, with the largest improvement taking place in Wales and Northern Ireland. The most expensive part of the UK would seem to be Kensington & ...