Debt burden for first-time buyers 'lower'
The debt burden on first-time buyers decreased during November, new research has found.
According to research by the Council of Mortgage Lenders (CML), during November, property buyers needed a lower proportion of their income in order to cover their mortgage interest than any time in the last five years.
Furthermore, for first-time buyers, 14.4 per cent of gross income was needed in November, down from 15.1 per cent in October.
However, during the same month, lending volumes dipped, the research noted.
CML director-general Michael Coogan said: "It is encouraging to see that mortgage interest payments are so affordable for home movers and first-time buyers. But with substantial deposits still needed to secure a mortgage, the market will continue to be relatively restrained for some time to come."
Indeed, Britons may continue to find property to rent in Kensington or elsewhere in London is cheaper than homes to buy in the same area.
This may particularly be the case after the London Central Portfolio said house prices in the capital will return to pre-credit crunch levels this year.
Written by Charles Mackay
Published 15th January, 2010
© 2010 Estates IT Limited
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Home buyers in November needed to use less of their income in order to pay off their mortgage interest, it has been revealed - although property to rent in London may still be more affordable than buying.