Calculations by Rightmove show the average first-time buyer mortgage payment has risen by 61 per cent since 2019, from £667 to £1,075 per month.
Rightmove also used average asking prices of a typical first-time buyer homes, with two bedrooms or fewer, for the research. “If mortgage rates reduce, this will help first-time buyers in the short-term more so than election housing promises. We hope that the next government can support first-time buyers with well thought out policies, which address the difficulties of saving up a large enough deposit and being able to borrow enough from a lender.”
Ipsos research carried out for Zoopla also found that helping first-time buyers onto the property ladder and controlling rent rises in the private sector rounded out the top five.