13 Sep

Houses for sale in the UK 'are becoming much more affordable'

Houses for sale in the UK 'are becoming much more affordable'

Homebuyers will be pleased to hear that houses for sale in the UK are much more affordable now than they were two years ago.

According to Ray Boulger of mortgage adviser John Charcol, there has been a significant number of changes in the property industry recently.

One of these developments is the "huge improvement in affordability compared to two years ago".

He added that there has been a drop in the proportion of salary homeowners spend on mortgage interest rates.

Mr Boulger said that interest rates have fallen from 17 per cent of a homeowner's earnings to just 9.6 per cent.

Last month, the Council of Mortgage Lenders reported that Scottish homeowners were faring better than their English neighbours.

It revealed that during the second quarter of 2010, they needed a lower proportion of their income to cover mortgage payments (9.3 per cent) than anywhere else in the UK.  ADNFCR-1222-ID-800063092-ADNFCR

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