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this post was submitted on 23 Apr 2024
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This is the best summary I could come up with:
The analysis finds that the typical first-time buyer needs to stump up a down payment, or deposit, of around £60,000 ($74,000), rising to £144,000 ($178,000) in London, where “support from family appears almost essential.”
Meanwhile, rising mortgage rates have pushed repayments back up toward levels last seen during the period leading up to the global financial crisis, the report says.
Then, about a year later, mortgage costs shot up again after then-Prime Minister Liz Truss unveiled her disastrous “mini-budget,” which included billions in unfunded tax cuts, sparking panic among bond traders over the sustainability of the UK’s public finances.
The BSA report, citing data from UK Finance, an association of banks and other financial service providers, says the typical first-time buyer paid 22.5% of their gross monthly income on mortgage repayments in November last year, up from 16.8% in March 2022.
That has excluded many potential buyers — such as single people and those without financial help from their families — from home ownership, the analysis finds.
“An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.
The original article contains 576 words, the summary contains 200 words. Saved 65%. I'm a bot and I'm open source!