Getting onto the property ladder continues to be a challenge for younger generations, as 63% of first-time buyer (FTB) mortgage completions1 are in two or more names.
Cost of living
The cost of buying a home is significantly more expensive than a decade ago for the average First-Time Buyer, 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 First-Time Buyers are teaming up to secure their first home.
Mortgage Experts
Whenever you’re looking at getting on the property ladder, no matter your age, get in touch today and let us guide you through your mortgage journey.
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1 Lloyds
