Just one in eight potential first-time buyers can afford a home
페이지 정보
본문
Only one in eight potential first-time buyers can afford the average starter property in their area, new analysis has revealed.
High house prices, increasing living costs, insufficient savings, rising rents and mortgage rates have all combined to push home ownership out of reach for many young people, according to the study by the owner of Skipton Building Society and analysts at Oxford Economics.
Should you have just about any queries concerning exactly where along with the way to make use of best mortgage provider for first time buyers, you possibly can email us from our own site. It revealed almost four in every five potential first-time buyers have insufficient savings for the deposit needed to get onto the property ladder in their area.
Deep dive: The study looked at the cost of buying and running a home, including mortgage and rental costs and household bills, maintenance and purchase of household goods
The challenge is greatest for potential first-time buyer households in the bottom 25 per cent of earners - those earning £22,850 or less a year.
For these first-time buyer households, fewer than one in 100 can afford to take the first step onto the property ladder in their local area.
But even among those earning over £71,250 a year - the top 25 per cent of earners - only 56 per cent still cannot afford to buy their first home in their local area.
RELATED ARTICLES
Previous
1
Next
Labour to end no-fault evictions for renters: But estate... Lowest fixed rate mortgages on the verge of falling below... When will interest rates fall? Forecasts on when base rate... Danger of pricing your home too high... and why it's...
Share this article
Share
HOW THIS IS MONEY CAN HELP
Looking for a new mortgage? Check out the best rates here
The increase in house prices relative to incomes over the last 20 years has led to the average deposit size rising by around 160 per cent since 2005, according to the Building Societies Association.
The typical successful first-time buyer now needs a deposit of around £60,000, although it varies from as low as £27,000 in the North East of England to as high as £144,000 in London.
Skipton Group's report found that nearly four in 10 renters are spending 45 per cent or more of their income on rent and other essential housing costs, creating a barrier to saving for a deposit.
Since January 2021, the average household rent has risen by almost a third, from £981 a month to £1,299 a month, according to the HomeLet Rental index.
Priced out: Almost four in five potential first-time buyers don't have the deposit needed to get onto the property ladder in their local area, according to Skipton Group
Where is housing least affordable for first-time buyers?
First-time buyers have the most difficulty getting on the housing ladder in the West Midlands, according to the study.
The typical home there is worth just over £250,000, less than the UK average of about £285,000.
However, Skipton said the combination of low savings levels and rising house prices in the region have put home ownership out of reach for increasing numbers of people.
High house prices, increasing living costs, insufficient savings, rising rents and mortgage rates have all combined to push home ownership out of reach for many young people, according to the study by the owner of Skipton Building Society and analysts at Oxford Economics.
Should you have just about any queries concerning exactly where along with the way to make use of best mortgage provider for first time buyers, you possibly can email us from our own site. It revealed almost four in every five potential first-time buyers have insufficient savings for the deposit needed to get onto the property ladder in their area.
Deep dive: The study looked at the cost of buying and running a home, including mortgage and rental costs and household bills, maintenance and purchase of household goods
The challenge is greatest for potential first-time buyer households in the bottom 25 per cent of earners - those earning £22,850 or less a year.
For these first-time buyer households, fewer than one in 100 can afford to take the first step onto the property ladder in their local area.
But even among those earning over £71,250 a year - the top 25 per cent of earners - only 56 per cent still cannot afford to buy their first home in their local area.
RELATED ARTICLES
Previous
1
Next
Labour to end no-fault evictions for renters: But estate... Lowest fixed rate mortgages on the verge of falling below... When will interest rates fall? Forecasts on when base rate... Danger of pricing your home too high... and why it's...
Share this article
Share
HOW THIS IS MONEY CAN HELP
Looking for a new mortgage? Check out the best rates here
The increase in house prices relative to incomes over the last 20 years has led to the average deposit size rising by around 160 per cent since 2005, according to the Building Societies Association.
The typical successful first-time buyer now needs a deposit of around £60,000, although it varies from as low as £27,000 in the North East of England to as high as £144,000 in London.
Skipton Group's report found that nearly four in 10 renters are spending 45 per cent or more of their income on rent and other essential housing costs, creating a barrier to saving for a deposit.
Since January 2021, the average household rent has risen by almost a third, from £981 a month to £1,299 a month, according to the HomeLet Rental index.
Priced out: Almost four in five potential first-time buyers don't have the deposit needed to get onto the property ladder in their local area, according to Skipton Group
Where is housing least affordable for first-time buyers?
First-time buyers have the most difficulty getting on the housing ladder in the West Midlands, according to the study.
The typical home there is worth just over £250,000, less than the UK average of about £285,000.
However, Skipton said the combination of low savings levels and rising house prices in the region have put home ownership out of reach for increasing numbers of people.
- 이전글Nine Things That Your Parent Taught You About Replacement Double Glazed Windows 24.07.26
- 다음글The 10 Most Scariest Things About Male Masterbation Toy 24.07.26
댓글목록
등록된 댓글이 없습니다.