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MONDAY 10TH OCTOBER 2005  RATE CUT FILTERS DOWN TO HOUSEHOLD INCOME The cost of servicing mortgages fell in September 2005 to 18.6% of borrowers household disposable income compared to 18.7% in August 2005 according to the monthly Woolwich mortgage affordability research. Annually however, the cost is up by 0.5% from September 2004 (18.1%) to September 2005. The East of England is the only region to show a monthly increase up from 18.3% (August 2005) to 18.4% in September 2005 The South-West shows the biggest improvement in affordability with a drop of 0.4% from 18.8% in August 2005 to 18.4% in September 2005 Andy Gray, head of mortgages for the Woolwich said: "The interest rate cut in early August has finally started to filter through to peoples’ pockets with the improvement in affordability in September." "We expect this to continue to improve over the coming months, hopefully injecting confidence into the housing market as well as reassuring consumers in the lead up to Christmas." At a regional level, everywhere bar the East of England either improved affordability or stayed the same. The best improvement after the South-West was Yorkshire where the cost of servicing mortgages improved by 0.3% from 16.6% in August 2005 to 16.3% in September 2005. As this is a new affordability measure there is no direct comparison available. However, the Council of Mortgage Lenders show that for first time buyers and new movers interest payments as a percentage of income were an average 26.5% for the UK in 1990 and 14.3% in 2004. The Woolwich numbers for 2004 are higher than 14.3% but Woolwich includes both interest and capital repayments (although not endowment contributions) which would suggest it should be higher than the CML. Therefore the amount of disposable income spent on mortgages today appears to be much lower than in 1990.

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