According to Alliance and Leicester's Borrowing Monitor, levels of consumer confidence in the mortgage market are higher than at any time this year.
And this increase in affordability means more people are looking to move home, remortgage, or get on the housing ladder for the first time, research from Alliance and Leicester finds.
Chris Rhodes, managing director of Alliance and Leicester retail banking said,"We are seeing greater confidence in the mortgage market from consumers."
"It's particularly pleasing to see the increased confidence amongst the under-30s. Increased first-time buyer activity enables others to move up the ladder."
Overall, 15 per cent of households are planning to move or remortgage more than double the number that were planning on this in January.
And affordability has driven this rise.
In the first three months of 2006, interest payments on a new mortgage accounted for 14 per cent of household income their lowest level since early 2004. By contrast interest took up 27 per cent of income in 1990.
"Affordability remains good," said Alliance and Leicester's Mr Rhodes.
"While household incomes have grown modestly, interest rates are lower than a year ago. Overall the cost of servicing a mortgage has therefore fallen slightly, despite gently rising house prices," he added
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Confidence in mortgage market improves
Tue, 06 Jun 2006
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