Did you know a new home is now more affordable?
As a proportion of take-home pay, monthly mortgage payments have been falling steadily over the last year, due to the dramatic decreases in interest rates. This means that the average couple buying their first home will now only have to spend 20% of their net income on mortgage repayments. This is 6% percent lower than what people were paying 2006.
Put simply, owning a new home is now more affordable. This in turn frees up more of your money to be put away as savings for the future or to be spent on other things such as household bills.
In addition to this, the price of new homes has reduced significantly over the last 12-18 months, meaning the idea of owning a new home is now becoming a reality for people, who in recent years, may not have been able to afford to get on the property ladder.
According to CIF’s research, new homes have reduced in price far more significantly than second hand homes and as a result, the price of new homes now reflects what the market demands.
So click here and see what new homes are for sale on www.chap.ie .
(Source: EBS/DKM Affordability Index www.dkm.ie )
