Buying and owning a home for most people relies a lot on the rate they can get on their mortgage. While it can be high or low, the low mortgage that is currently happening in the United Kingdoms and it is keeping the price of these homes low. This is good for the economy.

Key Takeaways:

• Historically low mortgage rates are the main driver behind a significant improvement in affordability for home borrowers in the UK since 2007, new research shows.
• This proportion has stayed low due to further dip in mortgage rates during 2016, from an average of 2.49% in the first quarter to 2.17% in the fourth quarter.
• The research shows that the significant improvements in affordability is nationwide with mortgage payments falling by at least 40% as a proportion of average earnings in 10 areas and 60% of all districts have seen an improvement of at least 15% over the period.

“In England, the most significant improvement has been in South Buckinghamshire where the proportion of average disposable earnings devoted to mortgage payments has fallen from 96% to 51%, a reduction of 45% since 2007.”

https://www.propertywire.com/news/uk/low-mortgage-rates-keeping-affordability-low-home-borrowers-uk/