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C&G says 90&#39s housing surge does not compare to 80&#39s boom

A Cheltenham & Gloucester survey says the current explosion of the housing market does not compare with the 1980&#39s boom.

The affordability index says single income homebuyers will typically be spending 39.3 per cent of their take-home pay on their mortgage by the end of the year. But at the peak of the last boom in 1989 they were spending 69.8per cent.

C&G says people find homes more affordable now and there is little chance of interest rates going up to the levels of 1990 when mortgage rates hit 15.4 per cent.

The 39 per cent average is still a jump from the 30 per cent registered in quarter three of1999 and 30.80 per cent posted in quarter four 1999.


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