{"id":5440,"date":"2013-08-23T12:10:02","date_gmt":"2013-08-23T11:10:02","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5440"},"modified":"2013-09-10T15:33:53","modified_gmt":"2013-09-10T14:33:53","slug":"most-affordable-mortgages-in-14-years-coincide-with-bright-times-for-the-uk-property-market","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5440","title":{"rendered":"Most affordable mortgages in 14 years coincide with bright times for the UK property market"},"content":{"rendered":"<p><span style=\"color: #000000;\">A study by Halifax has highlighted that mortgages are now at their most affordable levels since 1999, after many lenders have reduced their rates.<\/span><\/p>\n<p><span style=\"color: #000000;\">The bank\u00e2\u20ac\u2122s research shows that mortgage payments accounted for just 27% of average incomes in the second quarter of the year compared to a high of 48% in 2007. Where once mortgage payments were the biggest concern for a household, energy bills are now overtaking that position. <a href=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5442 \" target=\"_blank\">Click here.<\/a><br \/>\n<\/span><\/p>\n<p><span style=\"color: #000000;\">One of the primary influencing factors could be the introduction of the Funding for Lending Scheme (FLS). The scheme, which was introduced in July 2012, allows banks and building societies to borrow money from the Bank of England at cheaper than market rates. This provides an incentive for banks to increase their lending, particularly to businesses, by lowering interest rates.<\/span><\/p>\n<p><span style=\"color: #000000;\">Of course, the extremely long period at which the Bank of England base rate has been at a historic low will also have contributed substantially.<\/span><\/p>\n<p><span style=\"color: #000000;\">Craig McKinlay, the Mortgage Director for Halifax, commented on the remarkable improvement. He commented:<i><br \/>\n<\/i><\/span><\/p>\n<p><span style=\"color: #000000;\"><i>&#8220;<\/i><i>Substantial mortgage rate reductions and lower house prices have led to a significant improvement in mortgage availability since the peak of the housing market six years ago.\u00e2\u20ac\u009d<br \/>\n<\/i><\/span><\/p>\n<p><span style=\"color: #000000;\"><i>&#8220;The Funding for Lending scheme has helped lenders to cut mortgage rates, causing a further modest improvement in affordability over the past year, despite the modest rise in house prices nationally.\u00e2\u20ac\u009d<\/i><\/span><\/p>\n<p><span style=\"color: #000000;\">The research also shows the mortgage payments for new borrowers as a proportion of income has a clear regional divide, but this time in favour of the North.<\/span><\/p>\n<p><span style=\"color: #000000;\">They were most affordable in Northern Ireland, where payments accounted for just 17% of income, followed by Scotland at 19%, Yorkshire and the Humber at 22% and North-West England at 23%.<\/span><\/p>\n<p><span style=\"color: #000000;\">London, the South East and the South West showed the highest levels with payments accounting to 36%, 34% and 32% of incomes respectively.<\/span><\/p>\n<p><span style=\"color: #000000;\">This positive news coincides with other signs that the property market has been bursting back into life in recent months. The Housing Minister, Mark Prisk MP, had this to say:<\/span><\/p>\n<p><span style=\"color: #000000;\"><i>&#8220;This is another clear sign that the housing market has turned a corner, alongside new figures showing the numbers of new homes started is up by a third compared to last year and the numbers of first-time buyers are at their highest since 2007.&#8221;<\/i><i><br \/>\n<\/i><\/span><\/p>\n<div>\n<p><span style=\"color: #000000;\">The research also comes at a time where figures show the rates of house price inflation are continuing to grow, with prices in the year to June 2013 rising by 3.1% on average, up from 2.9% in May.<\/span><\/p>\n<p><span style=\"color: #000000;\">All indicators point to this being a good time to get back into property.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">&#8212;<\/span><\/p>\n<\/div>\n<p><span style=\"color: #000000;\">If you are purchasing a house, with or without a mortgage, and require expert advice from a Chartered Surveyor; find a local professional at propertysurveying.co.uk or contact the survey desk directly to find out how our members can be of assistance.<\/span><\/p>\n<p align=\"center\"><span style=\"color: #000000;\">0800 880 6264<\/span><br \/>\n<a href=\"http:\/\/www.propertysurveying.co.uk\/\">www.propertysurveying.co.uk<\/a><\/p>\n<p align=\"center\"><span style=\"color: #000000;\">SRJ \/ LCB\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0\u00c2\u00a0 \u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 23\/08\/2013<\/span><\/p>\n<p align=\"center\">[contact-form][contact-field label=&#8217;Email&#8217; type=&#8217;email&#8217; required=&#8217;1&#8217;\/][contact-field label=&#8217;I liked this article&#8217; type=&#8217;checkbox&#8217;\/][contact-field label=&#8217;I did not like this article&#8217; type=&#8217;checkbox&#8217;\/][contact-field label=&#8217;Comment&#8217; type=&#8217;textarea&#8217;\/][\/contact-form]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A study by Halifax has highlighted that mortgages are now at their most affordable levels since 1999, after many lenders have reduced their rates. The bank\u00e2\u20ac\u2122s research shows that mortgage payments accounted for just 27% of average incomes in the second quarter of the year compared to a high of 48% in 2007. Where once &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5440\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Most affordable mortgages in 14 years coincide with bright times for the UK property market&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-5440","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Most affordable mortgages in 14 years coincide with bright times for the UK property market - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5440\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Most affordable mortgages in 14 years coincide with bright times for the UK property market - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"A study by Halifax has highlighted that mortgages are now at their most affordable levels since 1999, after many lenders have reduced their rates. 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