{"id":4023484,"date":"2019-04-01T14:34:46","date_gmt":"2019-04-01T13:34:46","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=4023484"},"modified":"2019-04-01T14:34:46","modified_gmt":"2019-04-01T13:34:46","slug":"mortgage-affordability-remains-stable-outside-london","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-au\/news\/mortgage-affordability-remains-stable-outside-london\/","title":{"rendered":"Mortgage affordability remains stable\u00a0outside London\u00a0\u00a0"},"content":{"rendered":"

Buying<\/span><\/b>\u00a0a London property with a mortgage is at its least affordable for a decade,\u00a0<\/span><\/b>but\u00a0<\/span><\/b>nationally\u00a0<\/span><\/b>mortgage affordability has remained steady, according to a study from Halifax.\u00a0<\/span><\/b>\u00a0<\/span><\/h3>\n

Across the UK mortgage affordability has remained stable at or around 30% of average disposable earnings for the past decade.\u00a0<\/span>The picture may be bleaker for those wanting to buy in London as mortgages become increasingly less affordable, but there is still some way to go before they\u00a0<\/span>reach<\/span>\u00a0<\/span>2007 levels,<\/span>\u00a0when mortgage repayments were 52.4% of earnings.\u00a0<\/span>\u00a0<\/span><\/p>\n

R<\/span>ising house prices<\/span>\u00a0<\/span>have driven average mortgage payments, as a proportion of disposable earnings<\/span>,<\/span>\u00a0to increase over the past ten years<\/span>\u00a0in\u00a0<\/span>both\u00a0<\/span>London and the South East<\/span>. London has experienced an 18% increase, putting\u00a0<\/span>average\u00a0<\/span>mortgage repayments up to 47%<\/span>\u00a0of\u00a0<\/span>earnings<\/span>,\u00a0<\/span>while<\/span>\u00a0South East\u00a0<\/span>average\u00a0<\/span>mortgage repayments\u00a0<\/span>are sizable at\u00a0<\/span>38.8%<\/span>.<\/span>\u00a0<\/span><\/p>\n

Nationally mortgage affordability has improved over the past decade<\/span><\/b>\u00a0<\/span><\/h3>\n

Despite\u00a0<\/span>falling affordability in\u00a0<\/span>London and the South East, t<\/span>h<\/span>e<\/span>\u00a0<\/span>Halifax\u00a0<\/span>research shows that mortgage affordability levels have improved\u00a0<\/span>nationally<\/span>\u00a0over the past ten years. In\u00a0<\/span>2008,<\/span>\u00a0<\/span>a typical mortgage payment accounted<\/span>\u00a0for 39% of a homeowners disposable income; today it\u2019s 28.8%.<\/span>\u00a0<\/span><\/p>\n

In Northern\u00a0<\/span>Ireland<\/span>,<\/span>\u00a0the\u00a0<\/span>cost of maintaining a mortgage has fallen\u00a0<\/span>a colossal\u00a0<\/span>20%<\/span>\u00a0to 19%, in\u00a0<\/span>Scotland\u00a0<\/span>the\u00a0<\/span>cost<\/span>\u00a0has\u00a0<\/span>fallen<\/span>\u00a012% to<\/span>\u00a018%<\/span>, and in Yorkshire and the Humber payments remain low at 22.6%\u00a0<\/span>as a proportion of disposable income<\/span>, and in\u00a0<\/span>the North West of England at 22%<\/span>.<\/span>\u00a0<\/span><\/p>\n

Today the\u00a0<\/span>most affordable areas are in northern England and\u00a0<\/span>Scotland<\/span>;<\/span> Copeland in Cumbria is <\/span>t<\/span>he<\/span>\u00a0m<\/span>ost<\/span>\u00a0affordable where mortgage payments only account for 13% of average local earnings. By\u00a0<\/span>comparison<\/span>,<\/span> the least <\/span>affordable<\/span>\u00a0areas are London and the South East; average\u00a0<\/span>mortgage<\/span>\u00a0pa<\/span>yments<\/span>\u00a0in<\/span>\u00a0<\/span>Brent<\/span>,\u00a0<\/span>Haringey\u00a0<\/span>and Hackney\u00a0<\/span>are 61% of average\u00a0<\/span>local<\/span>\u00a0<\/span>earnings<\/span>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Buying\u00a0a London property with a mortgage is at its least affordable for a decade,\u00a0but\u00a0nationally\u00a0mortgage affordability has remained steady, according to a study from Halifax.\u00a0\u00a0 Across the UK mortgage affordability has remained stable at or around 30% of average disposable earnings for the past decade.\u00a0The picture may be bleaker for those wanting to buy in London… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":6639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12,26],"tags":[11],"class_list":["post-4023484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london","category-tax-mortgages-money","tag-london"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/4023484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/comments?post=4023484"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/4023484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media\/6639"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media?parent=4023484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/categories?post=4023484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/tags?post=4023484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}