Almost 1Mln UK Citizens Spend Over One-Third of Income on Mortgage

Almost a million (972,000) households in England are paying more than a third of their incomes in mortgage costs, according to the report of the UK Labour Party.

MOSCOW (Sputnik) — Almost one million UK citizens allocate over a third of the income toward their mortgage despite low interest rates, the UK Labour Party said Wednesday.

"New analysis by Labour has revealed that almost a million (972,000) households in England are paying more than a third of their incomes in mortgage costs – an internationally recognised standard of housing affordability – despite record low interest rates," the press release said.

The Labour Party's analysis is based on the official English Housing Survey 2017, which revealed that the level of residential property ownership in the United Kingdom has fallen to a 30-year low.

John Healey, the Labour Party's Shadow Secretary of State for Housing, stressed that the housing policy of the Conservatives was failing, with no initiatives or plans being worked out, according to the press release. He also announced the Labour's initiative to introduce a new program, which would provide discounts and more affordable mortgages.

In June, the United Kingdom held early parliamentary elections, which resulted in a narrow victory for the Conservative Party which, however, lost the absolute majority of seats in the House of Commons and had to form a coalition with the Northern Irish Democratic Unionist Party (DUP).