National research shows Chichester mortgage repayment levels are lowest ever

DESPITE the pressures of the recession, latest research has shown that homeowners mortgage payments in Chichester are at the lowest level since records began in 2005.

According to research from Barclays, on average, people in Chichester paid out 13.2 per cent of their take home pay last year to cover their monthly mortgage payments, or £501 a month, compared to 2008 when the average for England and Wales reached its highest point of 20.5 per cent.

The 2011 figures across the South East show homeowners paying out 15.1 per cent (£558) compared to the UK average which was 15.4 per cent (£494).

These results support opinion research commissioned by Barclays that found the majority of homeowners across the South East are more comfortable with their current payment levels. The poll of South East homeowners found that 79 per cent have room for manoeuvre should their circumstances or interest rates change and 68 per cent find their mortgage affordable. Only 40 per cent think interest rates will rise in 2012 and around a quarter (24 per cent) of them believe rates will start to rise in 2013.