Recent Rate Cuts Should Ease Affordability Into 2008
While mortgage affordability deteriorated in 2007, the CML expects the two base rate reductions since December will help to ease debt servicing burdens into 2008. Affordability for first time buyers worsened through 2007. By December first-time buyers typically contributed 20.7% of their income towards mortgage interest, compared with 17.9% in December 2006. The increase in [...]
