Depends on how you define affordability. This will bring homes within reach for more people, drawing more money into the market and likely raising prices.
Here in the US, I could get a 30 year mortgage, but home prices are so astronomically high, along with interest rates, that even spacing it out across 30 years doesn’t make it very affordable.
What an insane dystopia this is. 30 years of your life of which most people whould need to be likely 25 to have the required credit. That’s just not sustainable.
Rather than addressing the rapid inflation of housing prices when compared to median income the solution is to endenture buyers for another 10 years, brilliant. Why don’t we raise retirement while we’re at it, just race all the way to the bottom.
I’m about to step into a 30 year mortgage. I’ll be 63 when it’s paid off, if I only make minimum payments.
Wild to think about.
The feds keep talking about taking action to bring prices down, hopefully we see that in our lifetime.
