Houses at most affordable in over 10 years - Homes On Sale

Jack_B · **Houses at most affordable in over 10 years -** 08-18-2009, 03:59 PM

A recent study on the affordability of houses has found that housing affordability is at its highest since 1996.

The affordability index compares average household income to the cost of the average mortgage, and therefore measures the ability of the average family to pay the average mortgage.

Due to recent falls in property prices and the cut in interest rates, the average mortgage cost has come down considerably, which may in part explain the recent boost experienced in the housing market.