Mortgage payment calculation shows big increases
www.moneynews.co.uk > Mortgages > Mortgage payment calculation shows big increases
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Mortgage payment calculation shows big increases
Tue 22nd Feb 2005
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The figures show that mortgage payments constituted around 20 per cent of income, the highest level since the housing boom of 1990.
The research also claims that houses are 60 per cent less affordable than they were a decade ago.
Hardest hit by the rise in mortgage payments are first-time buyers whose payments are now 33 per cent higher than the average over the past 20 years.
Director of Shelter, Adam Sampson said: "Roof's findings show not only how difficult it is for first time buyers to get on the housing ladder, but that there will be extra pressure on the limited housing stock."
Only a massive affordable-housing programme will offer any long-term solution to the problem of affordability, says Shelter.
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