Many FTBs teaming up to buy homes

Getting onto the property ladder continues to be a challenge for younger generations, as 63% of first-time buyer (FTB) mortgage completions (*1) are in two or more names.

The cost of buying a home is significantly more expensive than a decade ago for the average FTB, who is 32 years old. For those purchasing their first home, deposits are an average of 67% higher than 10 years ago and house prices are up 86%. Despite the living wage going up to reflect inflation and the increased cost of living, the price of buying has risen disproportionately; the average salary is only 30% more than in 2013. It is therefore not surprising that FTBs need to team up to secure their first home.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
1 Lloyds

9 April, 2024

More news

20 May, 2024

It was a disappointing Spring Budget for anyone looking to get onto the housing ladder. There was a
Just a few days ahead of the key fiscal event, the Chancellor had already scrapped plans for 99% loan-to-value (LTV) mortgages for first-time buyers following resistance from the banking community. Th

16 May, 2024

Eager home sellers got the year off to a good start before it had even begun, with over 10,000 prope
Sellers were not the only ones returning to the market – at the start of the year, buyer enquiries were up by 7% when compared with the same period in 2023. This translated into 16% more sales agree

13 May, 2024

In a survey of UK workers, 37% of respondents thought life insurance and income protection cost more
This is a significant oversight considering that 40% stated that affordability was key when deciding on a policy. Those surveyed estimated income protection to cost £35.20 per month, but the average