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 & ...

Latest figures show mortgage lending still subdued

After the results of the e.serv survey earlier this week it is no surprise that the latest figures from the Council of Mortgage Lenders (CML) confirm that mortgage lending is still subdued, if stable. For both home purchases and remortgages gross mortgage lending fell, on a month on month basis, by 1% in July to £12.6 billion pounds. The latest figures represent a fall of some 6% compared to this time last year. The message from the CML is that the housing market is “subdued but stable”. Their chief economist, Bob Pannell, said: "Underlying house purchase activity may drift lower over the ...

Sellers drop asking prices for second month in a row

In a sign of growing realism the property website Right Move, has said that sellers have dropped their asking prices for a second month in a row. Experts believe that one of the reasons the housing market has been sluggish in 2011 is the gap between asking prices, which have been rising, and sales prices, which at best have been level. However, in a move that may show sellers are becoming more realistic, Right Move say that asking prices fell in August by 2.1%, this comes after a fall of 1.6% in July. This does of realism is echoed by figures from Zoopla, ...