Income Multiples rise say lenders
New mortgage figures show that the amounts first-time buyers are borrowing as a proportion of their salaries has hit a record.
The average first-time buyer “income multiple†now stands at 3.29 times household earnings, said the Council of Mortgage Lenders. A year earlier the ratio stood at 3.08 while in early 2002 it was 2.55, reports the Guardian.
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