Housing affordability improves but market resilient - CML

Figures show mortgage multiples are falling for first time buyers and fixed-rate deals are losing their popularity as many borrowers expect interest rates to fall in the coming months. CML data from November shows the average first time buyer borrowed 3.33 times their income, down from 3.36 in October and a peak of 3.39 in August. However, income multiples for first time buyers are historically high and the decline is fairly modest as supply constraints continue to dominate the UK market. Among other homebuyers, average income multiples remained steady at 3.02, after peaking at 3.04 in A...