Halifax stated this week that the average cost of buying a home has fallen to the lowest in 15 years. They state that a typical mortgage on a new home now costs an average of 25% of take-home pay, compared to a staggering 45% at the peak, before the credit crunch.
Lowering prices and lower interest rates they say are making buying a home much more affordable, with the greatest affordability being in parts of the UK where house prices have been affected the most, such as Northern Ireland. However in the South East, an average new home buyer will need to part with slightly more of their income, as lack of properties on the market, have kept prices much the same as before the credit crunch, and buyers are having to part with 32-35% of their income to finance their new home, which is still lower than 2007 when the average home buyer had to part with 56% of their income.
Buying a home is much cheaper than renting. If you are looking to buy your first home or would like to find out more about the mortgages we have on offer at Enable why not contact us on 01279 755950, our IFA's of Bishop's Stortford have access to the whole market place, and all of our fees are completely transparent.
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