One in five first-time buyers take out 35-year mortgages or longer amid economic turmoil March 4, 2024 Personal savings and mortgage lending were battered by inflationary pressures and higher borrowing costs last year, according to new data, amid a surge in home buyers take out loans with terms of 35 years or longer.
London sees 24 per cent drop in first-time buyers as high mortgage rates bite September 27, 2023 London experienced a 24 per cent decline in the number of first-time buyers entering the market in the last year as high mortgage rates crush home-ownership dreams.
London house prices: First-time buyers need household income of nearly £100k to buy May 3, 2023 Londoners’ desire to get on the property ladder has helped fuel the housing market in the capital, despite households now needing an extra £12k in income to be able to afford their own place. Figures released by Zoopla, show that in April house price growth in London rose by 0.5 per cent, as demand and [...]
First-time buyers spend 39 per cent of take home pay on a mortgage – Nationwide January 13, 2023 Homes for first-time buyers are at their most expensive as a proportion of take-home pay since the financial crisis. The proportion of monthly income that first-time buyers are having to put towards mortgage repayments is returning to levels last seen in the 2008 financial crisis, according to Nationwide. Nationwide, the UK’s third largest lender has [...]
House prices: First-time buyers fell last year – and crash may not be as drastic as predicted January 3, 2023 A predicted fall in house prices may do little to change the prospects for first-time buyers in London The number of first-time buyers is estimated to have fallen by around nine per cent in 2022, according to analysis by a building society. Across the UK, the number of people taking their first step onto the [...]
UK rental demand up 23 per cent as scorned first-time buyers turn to lettings November 25, 2022 The UK’s rental demand has increased by 23 per cent in the last year, according to a new Rightmove research. The analysis has revealed that the increase in the UK’s rental demand is also due to many first-time buyers having to put their dreams on hold until mortgage rates go down, the Guardian first reported. [...]
House prices continue to climb in nightmare scenario for first-time buyers even though buyer interest is slowing August 15, 2022 House prices continue to move firmly upwards and are still expected to be higher in a year’s time, according to the Royal Institution of Chartered Surveyors (RICS) this afternoon. The numbers are somewhat surprising given that surveyors have seen the longest stretch of shrinking buyer demand in the housing market since the early stages of [...]
Furlough scheme pushed back age of first-time buyer to 34 March 14, 2022 Despite a property market boom during the pandemic, the furlough scheme pushed back the average age of first time buyers by up to two years. The government’s initiative may have given a lifeline to millions as Covid restrictions plunged society into chaos, but its long term impact has reportedly been to stall many people’s ability [...]
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, [...]