Keeping up with monthly mortgage repayments is becoming less of a problem for people wanting to buy a home, the Building Societies Association has suggested.
BSA research claimed just one third of consumers think that this monthly commitment is a barrier to buying a property – the lowest since 2009.
Affordability has improved over the past 12 months - in June last year mortgage repayments were thought to be a barrier for almost half (49%) of consumers.
This corresponds with average mortgage rates falling from 3.73% in June 2014 to 3.19% today. Lack of job security has also fallen as a barrier, while raising a deposit – the biggest challenge, remains steady at 59%.
With the economic outlook improving, 56% of people also think house prices will rise over the coming year. Only 12% said they didn't think now was a good time to buy a property – the lowest on record since the BSA began conducting its research in 2008.
