Average First-time Buyer: Age 33 | 31-year mortgage | 4.5 times annual salary 📈
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
📢 On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the first Autumn Budget from the new Labour government.
Ahead of the Budget, Rightmove's latest study into first-time buyer mortgage payments – and how they’ve changed over the last five years – really puts a spotlight on the support needed to help people who’re trying to buy their first home 🔦
🔸 Average monthly mortgage payment for a typical first-time buyer is now £931, compared with £578 in 2019 (2 bedroom house, 20% deposit over 30 years)
🔸 Meanwhile, the asking price of these homes has risen by 18%, and is now £227,570, compared with £192,221 in 2019
🔸 Therefore, first-time buyers are waiting longer to buy a home and spreading the cost of their mortgage out for even longer, affordability remains stretched and any support that can help more to get onto the ladder would be welcome
🔸 As a result, more first-time buyers are considering moving to more affordable areas across the country:
🔸 A good way to find out how much you could borrow is to use a Mortgage Calculator. And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer.
🔸 Read more about the different types of mortgages and how to choose a mortgage term that meets your needs, both now and in the future.
Are you a first-time buyer that needs advice on how to get on the property ladder? 🤔
Contact Emma by completing the form opposite or email her directly (emma.travers@cavendishproperty.co.uk) 📧
📸Emma Travers, Head of Sales, Lettings and Investments at Cavendish Residential 📸
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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