First-time buyers floundering - CML

Figures issued today by the Council of Mortgage Lenders reveal that affordability is at its worse level for 16 years for potential homeowners. Meanwhile, the latest Woolwich affordability survey shows average mortgage payments in England and Wales reached £590 in April, an increase of £78 over the year. The CML’s regulated mortgage survey shows first-time buyers spent an average 18.3% of their income on mortgage interest payments in March.The figure is slightly up from February’s 18% level – but has increased considerably in the last 12 months from 16% in March 2006. The rise, which mir...