UK Mortgage Affordability Marks 14-Year Record – Halifax

Earlier, we have already reported that mortgage payments in the UK have become most affordable as the Bank of Scotland revealed its latest statistics.

The data by the Bank of Scotland showed that mortgage payments in Scotland account for 15-20% of overall household income, which compares to 25% and up on a national average.

The findings by the bank were recently proved by a research conducted by Halifax. The company said that mortgage payments across all regions in the UK have become the most affordable in the past 14 years.

As such, they have fallen from 48% in 2007 to 27% in the end of 2011.

The only regions where this proportion remained very high were London and the South East with 35% and 33% respectively.

Commenting on the findings, Martin Ellis of Halifax, said: "The marked improvement in affordability was a key factor supporting housing demand in 2011.Hopefully, this should help to offset downward pressures on the housing market in 2012."