Average house price surpasses £367k as first time buyers face increasingly difficult landscape May 23, 2022 It is now no longer significantly cheaper to rent than buy, in terms of monthly outgoings, new analysis by RightMove has shown. While average monthly mortgage payments (£901) outpace average monthly rental payments (£887), the gap in payments has slimmed over the past decade. The property platform’s new analysis tracking first-time buyer affordability is based [...]
Property deposits for first-time buyers swell over 50 per cent in last decade April 11, 2022 The average deposit for first-time buyers has rocketed more than 50 per cent over the last 10 years – even after adjusting for inflation, according to a new study. As homeownership falls further out of reach for first timers, those trying to get on the property ladder must have a deposit of more than £45,500, [...]
How long-term mortgages could help solve the UK housing crisis May 10, 2024 Short-term mortgages are great for some, but their prevalence is exacerbating challenges for first-time buyers, writes Elliot Reader.
Sunak considering one per cent deposit mortgage scheme in bid to win over young voters: report January 21, 2024 The Treasury is reportedly looking at introducing a scheme guaranteeing mortgages for first-time buyers with deposits of just one per cent.
As first time buyers save for an average of four years, half of them give up on ownership dream March 5, 2022 First-time buyers are saving for an average of four years in order to raise the deposit to get on the property ladder, new research showed today. The number of first-time buyers rose to nearly 410,000 last year with average deposits estimated at around £53,935 but affordability is still being squeezed with house prices estimated to [...]
London average hits £440k: First-time buyers in for a shock as house prices for newcomers rise £24 per day May 18, 2022 While celebrities can often be seen splashing millions of pounds on their first homes, the average first-time buyer (FTB) is spending £223,751 on their first property. In fact, the average FTB needs to find £43,623 more than they did in 2016 to secure their first own property, a 24 per cent increase, according to data [...]
London property: First-time buyers make a comeback September 20, 2021 Nearly three in every ten home sales went to first-time buyers last month, the highest proportion in over a year, according to new data from various large estate agents. It marks the highest percentage since June 2020, when 29 per cent sales went to people getting on the property ladder, according to estate agents’ body [...]
7 in 10 first-time buyers forced to delay property purchase as cost of living crisis drains home seekers’ wallets May 4, 2022 A staggering 70 per cent of potential first-time buyers looking to buy in the next year or two have decided to delay their purchases as rising living costs hit their ability to save, according to a survey. Nearly nine in 10 said their ability to save for a deposit has been affected by the rising [...]
First-time buyers to borrow more and for longer this year as wage growth will fail to keep pace January 1, 2022 First-time buyers face the biggest financial hurdle to homeownership causing them to borrow more in 2022. However, it is existing homebuyers that are now more stretched when it comes to their earnings and the amount they are required to borrow. Analysing 2021 data from the Office for National Statistics, shared with City A.M. by estate [...]
The Notebook: Ben Thompson on why stamp duty reform needs to be on Hunt’s list tomorrow November 21, 2023 Ben Thompson, deputy CEO at Mortgage Advice Bureau, talks stamp duty reform, help for first-time buyers and his favourite poem.