UK homebuyers face worst mortgage affordability since 2008, data shows

‘Least affordable’ areas mainly in London commuter belt, UK Finance finds, with Iran war not yet reflected in data

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UK homebuyers are facing the worst mortgage affordability pressures for almost two decades, although the “pain” is not being felt equally across the country, according to industry data.

The banking body UK Finance said that at a nationwide level, initial mortgage repayments were typically swallowing up more than a fifth (21.3%) of a homebuyer’s gross income – the highest level since 2008.