Someone newly getting onto the property ladder can expect to pay around £400 more per month for their mortgage than five years ago, analysis suggests.
Rightmove also used average asking prices of a typical first-time buyer homes, with two bedrooms or fewer, for the research. Rises in mortgage rates as well as house prices have also had an impact on monthly mortgage costs. The Bank of England base rate remained on hold last week, but with Consumer Prices Index inflation having slowed to its 2% target, a base rate cut is still expected on the horizon.
Some first-time buyers are looking at extending their mortgage terms to 30 or 35 years to lower monthly payments, or looking at cheaper homes for sale so that they need to borrow less Richard Donnell, executive director at Zoopla, said: “British voters have high expectations from a new government on housing. The overarching response is: ‘Build more homes, but other things matter too’.
“It is clear voters are well aware of the pressures on the housing market with reducing homelessness and rough sleeping and doing more to reduce empty and under-utilised homes in the top three priorities.”Ben Marshall, research director at Ipsos said: “The survey also finds a sense that the governments can affect change.”Nathan Emerson, chief executive at Propertymark, said: “Surging interest rates and inflation over the last few years have impacted the housing market with force.
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Typical first-time buyer mortgage payment ‘has jumped by 61% since 2019’First-time buyers now face paying £227,757 for a home, rising to more than half a million pounds in London, Rightmove said.
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