Woolwich: Mortgage affordability 'stabilising'

09 November 2005
Mortgage payments remained 'affordable' last month, meaning homeowners will not need to rein in spending too much during the festive period, says Woolwich.

The monthly Woolwich Mortgage Affordability Research survey found mortgage payments remained at 18.6 per cent of the average homeowner's disposable income.

Andy Gray, head of mortgages for the Woolwich, said: "As predicted last month, affordability is stabilising, which is a positive trend in the run up to Christmas when people tend to spend more of their disposable income preparing for the festivities."

The survey found the average monthly mortgage payment rose by only £1 from £511 between September and October this year.

Wales and the East Midlands enjoyed the largest drop in monthly payments, which fell to 16 per cent of average household disposable income from 16.2 per cent.

London was the only region to experience an increase in payments, which rose by 0.1 per cent to 23.5 per cent.

Woolwich said the figures were a "very good representation of mortgage affordability across England and Wales".

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