Have you been priced out of the market?
62% of first-time buyers have put their home buying dreams on hold as mortgage lenders have withdrawn high-loan-to-value products.
“Despite saved deposits and having met pre-pandemic affordability criteria, seven in 10 UK first-time buyers now feel priced out of the market while 76 per cent feel angry, worried and confused by mortgage limitations” Online mortgage broker Trussle.
The average first-time buyer paid a staggering £109,000 deposit in the year to September which is around 23.5 per cent of the average £464,000 cost of a first home in the capital. Trussle estimates the property purchases in the region of £5 billion are being held up as people wait.
Are you a first-time buyer waiting to buy?