Mortgage lenders are now a lot more careful in terms of lending.
Unemployment and a high competition for jobs, with the threat of loss
remain critical.
For example, the average deposit on a home has increased from 10% of the
property’s value to 21%. An average worker would need about eight years to accumulate
a sufficient deposit for an average house.
However, the basci issue is that housing is more
expensive on a number of areas, which is keeping furture
buyers on the sidelines. House prices are currently around five
times average incomes, in comparison to the average of
four. A buyer will typically spend about thirty percent of his salary on a mortgage.
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