16 Jan

Houses for sale in Cardiff 'at most affordable rate' since 1997

Houses for sale in Cardiff 'at most affordable rate' since 1997

Mortgage payments for houses in Cardiff could be at their most affordable rate since 1997, according to new figures.

Halifax has released a report which shows that the monthly fee for a new borrower to stump up during the second half of 2011 was at its lowest as a proportion of disposable earnings for 14 years.

The Halifax Affordability Review also showed that in Wales, 27 per cent of income was spent on the mortgage during quarter four last year.

This is compared with 47 per cent in the third quarter of 2007, while the long-term average between 1983 and 2011 stood at 33 per cent.

For the United Kingdom, these figures were 48 per cent in 2007, 27 per cent last year and 37 per cent for the long-term average.

Martin Ellis, housing economist at Halifax, said: "The falls in house prices and cuts in mortgage rates in the last few years have resulted in a significant improvement in housing affordability for those able to raise the necessary deposit to enter the market."

A similar message was reported by Barclays last week, which said that mortgages in 2011 were at their lowest for a decade.ADNFCR-1222-ID-801265727-ADNFCR

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