The total value of homeowners houses amounts to more than £2.1trillion, according to the Centre for Economics and Business Research (CEBR). Yet, with interest rates low, the amount of income needed to meet repayments is below that of a decade ago. In its Housing Futures 2012 report, the CEBR sees little evidence of overborrowing. Noting that total mortgage debt is £606bn, the report states: ‘With mortgages running at 28.7% of the value of property against which they are secured ‘ a level that has remained flat for the past six years ‘ there would appear to be little evidence that Britain’s homeowners have overborrowed.’