Friday, Jan 25, 2008
review reveals renting currently cheaper than buying
Mortgagestrategy: First-time buyers face soaring mortgage costs
Average mortgage costs to income for first-time buyers are now higher than levels at the 1990s housing boom peak, says the Building Socieites Association. First-time buyers were devoting nearly 35% of their income to mortgage costs by the third quarter of 2007, compared with the previous high of nearly 34% in 1990, the UK Housing Review indicates.
Posted by jack c @ 02:06 PM (705 views) Add Comment
9 Comments
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1. confused76 said...
35% of their income to mortgage costs by the third quarter of 2007, compared with the previous high of nearly 34% in 1990
how can it not crash?
2. jack c said...
Yep, add in Council Tax, Water, Gas, Elec, food and petrol (all escalating) and you generally have one hell of an overstretched budget
3. techieman said...
Not until their credit cards are all maxed "a house of cards" in more ways than one!
4. Utterlee said...
I'm just surprised it's not a higher amount than 35%. My one room in a three-bedroom houseshare in North London suckers up that much of my wages just in rent. By the time bills come out it's nearly 50%.
5. paul said...
Who cares? No sensible FTB is buying anything anyway.
6. inbreda said...
IR rates still well below long term average, that figure could very very easily leap from 35% to 70%
7. it_is_going_with_a_bang said...
I've got a good 'mortgage strategy'.....
Far from being one "foot on the ladder" it would be like 'jumping into sinking ship'.
Don't take one out.
8. Collywolly said...
"Average mortgage costs to income for first-time buyers are now higher than levels at the 1990s housing boom peak, says the Building Socieites Association."
Six moths ago, we were told how affordability was so much better this time round.......
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