UK First-Time Homebuyers Face High Mortgage Costs

UK

2023/01/30

Mortgage costs for first-time homebuyers in the UK have reached their highest level since 2008. The avg monthly mortgage payment for a new first-time buyer was 39% of a single full-time salary after tax in Q4. Despite house prices ↓ 2.5% and private-sector wage growth at 7%, mortgage costs continue to ↑. The BOE’s decisions caused interest rates ↑ to 3.5% in December, the fastest tightening in decades.