The average share of personal income required to take out a
A study by the Council of
The CML said this was the lowest figure since it began collecting such data in 1974, bar a brief drop to 10.2 per cent in mid-1996.
It said that first-time buyers now need 14.4 per cent of their income for a
These figures may encourage those looking for a homebuyer
Such a view was expressed by president of the National Association of Estate Agents Gary Smith.
However, he said, it was “hardly surprising” that costs were down in view of the interest rate cuts that have taken place in the past 12 months.