First-Time Buyer Mortgage Payments Surge by 61% Since 2019
Rising interest rates and house prices significantly outpace wage growth, creating challenges for new homeowners.
- Average monthly mortgage payments for first-time buyers have increased from £667 to £1,075.
- House prices for first-time buyers have risen by 19% to £227,757 in the same period.
- Interest rates for five-year fixed mortgages with a 20% deposit have more than doubled.
- Regional disparities show the North West with a 33% increase in asking prices, while London saw a 6% rise.
- Experts urge the next government to implement policies to support first-time buyers facing these financial pressures.
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