London, United Kingdom (13 September, 2012) – MeetMyAgent.co.uk, an independent estate agent review and rating website, comment as recent research reveals that the average cost of buying a home has fallen to its lowest level in fifteen years.
Mortgages for new properties now cost new buyers, on average, 26% of their take-home pay; a considerable decrease from the average figure of 48% in 2007, before the UK recession was made official. Such price falls and lower interest rates have increased affordability for a new generation, with varying results in different parts of the country.
In some Scottish towns, buyers now have to spend 15% of their income to afford a new home. House prices in Northern Ireland have fallen the most significantly, whilst in London and south-east England, the average new homebuyer now parts with 32% to 35% of their income, compared with 56% in 2007.
However, it is still comparably difficult for first time buyers to secure a mortgage. The British Bankers’ Association has revealed that mortgage lending in July was 17% lower than in August 2011, which suggests that a lower proportion of families looking to buy their first homes are able to take advantage of the low house prices.
A spokesperson for MeetMyAgent commented: “Whilst lower mortgage costs are welcome, restrictive lending criteria is preventing many from taking advantage of these deals and getting on the property ladder. More support is especially needed for first time buyers with lower deposits, as the current availability of mortgage finance to those on 5-10% deposits is extremely limited.
“However, with the economic outlook looking fairly bleak and unemployment in many parts of the country being a major concern, cheaper mortgages and lower interest rates have been a welcome respite to many existing homeowners who have been struggling to balance their books.”
For more information on MeetMyAgent and their estate agency services, visit their website at http://www.meetmyagent.co.uk.
MeetMyAgent.co.uk is a London-based company specialising in independent estate agent reviews and ratings to help homeowners find the best estate agents for property sales or lettings. MeetMyAgent.co.uk’s website is simple and easy to use; a user simply types in their area or postcode and then can read independent, objective reviews and ratings from previous clients who have used estate agents in their area.
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