Wednesday, 19 November 2008
REA welcomes EBS affordability study
Real Estate Alliance members welcomed the results of the EBS affordability study published last week. According to the joint EBS / DKM report the average working couple buying their first home is now paying around 20% of their net income in mortgage repayments, compared with 26% two years ago. This 30% improvement in affordability is expected to strengthen even further once the most recent round of interest rate reductions is passed on to consumers. With more interest rate reductions in the offing, first time buyers will find themselves better off than they have been in many years.