More than half of UK first-time buyers paying more for mortgage than they did for rent
Summary
More than half of first-time homebuyers in the UK now pay higher monthly mortgage costs than their previous rent, according to a property agency report. Mortgage rates have risen due to market changes linked to international events, making homeownership more expensive upfront, even though long-term benefits remain.Key Facts
- 56% of first-time buyers in the UK paid more for their mortgage than they did for rent last month.
- On average, these buyers paid £39 more each month for their mortgage.
- Rising mortgage rates, influenced by global events, have pushed five-year fixed mortgage rates to nearly 6%.
- First-time buyers in their 40s saw the biggest increase, paying 18% more for a mortgage compared to their rent.
- Rent prices are also increasing, with new rents rising 2.7% over the past year across Great Britain.
- The average rent nationally is now £1,433 per month.
- In London, the average monthly rent is £2,357, up 1.5% from last year.
- Rent increases are highest in southern England, with a 3.7% rise to £1,419 per month on average.
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