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UK homeowners better off than 12 months ago

A report by the Halifax claims that the average UK household is today 11% better off in cash terms than just 12 months ago. However, with more people around the country struggling to make their budget stretch this will come as a surprise although apparently it is quite literally down to the reduction in mortgage rates.

Those with tracker mortgages or variable rate mortgages, which have fallen substantially over the last 18 months, will have benefited greatly in terms of extra cash in their pockets. However, with more than 50% of UK homeowners on fixed-rate mortgages there are also a large number of people who have not benefited and have actually seen their budgets shrink over the last 18 months. On the other side of the coin, the reduction in mortgage rates has been followed by a marked fall in the value of properties which has obviously impacted upon asset values across the UK.

It very much seems that what you make on one hand, i.e. an 11% increase in your monthly budget, is taken away on the other with a reduction in the value of your property. We've also seen significant increases in the cost of energy, general taxation and food in supermarkets, all of which have added to the concerns of many people in society.

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