Houses are more affordable now than since 2003, says property portal Zoopla.
It says that because of lower house prices and mortgage rates, 58% of homes are now affordable by the average British earner, up from 34% three years ago.
Over the past ten years, affordability levels reached their highest point in 2002 at 66%. Zoopla rates affordability on the basis of a borrower using one-third of income for mortgage payments.
Today, that proportion of an average income safely finances a mortgage of £188,423. Theoretically, anyway – wake up, lenders!
Comments
WOW!! You know me - always keen to read and comment on the "good news" stories.
Now... perhaps Zoopla would be kind enough to point us all in the direction of the lender who will offer mortgages on these 58% of properties, we will all be happy bunnies once more...
Come on you Bankers pass it on!!!