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Houses 'now more affordable'

Property more affordableThe amount of disposable earning devoted to mortgage repayments has dropped, making homes in the UK more affordable, a new study shows.Brits could look to improve their homes to make them saleable as a new study shows houses are now more affordable.

Research by Halifax has found the amount of disposable earnings devoted to mortgage payments has fallen to 31 per cent in the first quarter of 2009.

This figure has dropped from a peak of 48 per cent in the third quarter of 2007 and could result in people looking for home improvement quotes to make their properties more attractive to potential purchasers.

Home affordability was found to have improved across all UK regions since mid-2007, with London and Northern Ireland experiencing the biggest percentage falls.

Martin Ellis, housing economist at Halifax, said property "is at its most affordable for almost seven years".

He added: "Notably, mortgage payments for a typical new borrower as a proportion of average earnings are now below the average for the past 25 years."

A recent study by Nationwide Building Society found that 90 per cent of would-be house buyers would be put off by poor DIY or attempted home improvements, the Telegraph reported.
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Article Added: 23/04/2009 11:41:48
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