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Not that difficult to buy a home in UK, claims NatWest chair
(www.theguardian.com)
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this post was submitted on 05 Jan 2024
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This is the best summary I could come up with:
The chair of NatWest has claimed it is not “that difficult” to get on the property ladder, despite the number of first-time buyers with a mortgage falling to the lowest level in a decade.
His comments to Radio 4’s Today programme follow a report published earlier this week by Yorkshire Building Society, which found that the number of first-time buyers who bought a home with a mortgage fell to the lowest level in a decade in 2023.
On Friday, the lender Halifax recorded the third monthly rise in house prices in a row in December, with the typical home costing £287,105.
“Telling first-time buyers it’s not that difficult to get on the ladder is quite simply a slap in the face to people struggling to make ends meet, never mind save for a deposit on a mortgage.”
“Interest rates have increased but house prices have yet to correct, meaning we still need to save for a huge deposit, but also would need a high income to afford monthly mortgage repayments.”
Last year, he weathered calls for his resignation after initially backing Alison Rose in the row over a media leak pertaining to the closure of the former Ukip leader Nigel Farage’s accounts with the NatWest subsidiary Coutts.
The original article contains 514 words, the summary contains 207 words. Saved 60%. I'm a bot and I'm open source!