In a report in todays The Telegraph, house prices are now swallowing nearly 45% of the average income of families in the UK, making them the least affordable at any time in the last generation.
Further interest rate rises expected for next week may well cool the housing market still further. With mortgage repayments now outstripping wage rises, there is a real danger of a significant increase in repossessions over the coming months.
House prices are now at around 7 times income for first time buyers which, combined with rises in council tax, general cost of living and the proposed multi-rises in interest rates, repossessions are looking evermore likely.
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Good comebacks...
Man: "Your place or mine?"
Woman: "Both. You go to yours and I'll go to mine."
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