Mortgages in the UK were at the most affordable level in October since 2004, according to official figures.
However, the Council of Mortgage Lenders (CML), noted that the number of available mortgages dropped eight percent in September to 44,500 during the month. This figure was also down five percent year-on-year, despite the mortgage affordability boost.
Mortgages in the UK hit their most affordable rate since the beginning of 2004, with many people wanting to climb the property ladder, as they only have to pay around 12.3 percent of their income on interest.
However, the study noted that stuttering market activity, as well as the ongoing Europe debt crisis, has led some lenders to demand deposits of around 20 percent.
Paul Smee, Director General of the CML, hopes that 2012 will see an increase in activity, ahead of a first-time buyer’s stamp duty concession likely to be imposed in spring.
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