Tuesday, Apr 03, 2007
Some interesting data
The Market Oracle: Special Report on the UK Housing Market
First-time buyers hit by double whammy
New first-time buyers face double whammy of house price and rate rises,, higher house prices alone add £75 to typical first-time buyer monthly costs compared to last year. Interest rate increases bring this up to almost £120. Locking into a fixed rate loan this time last year would have saved a typical first-time buyer £170 to date, with further monthly savings of £50 at current mortgage rates.More first-time buyers choose longer-term and interest-only mortgages which can cut more than £300 off monthly payments.
Posted by bufferbear @ 10:10 AM (154 views) Add Comment
1 Comment
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1. Redwing said...
There's some interesting data in here, particularly the increasing market share of mortgages outside the standard 25yr repayment:
Dec 2005 - 48% of loans were either for more than 25Yrs or Interest Only.
One year on in Dec2006 the share was up to 59% of loans.
Lots of other data on how housing is so much less affordable than even a year ago.