To get on the property ladder, first-time buyers must earn an extra £7.5K

LONDON: Because of the dramatic growth in housing prices over the last three years, first-time buyers must now earn more money to purchase a property. Let's have a look at your possibilities. (Reported by news source)

Higher mortgage rates have a significant influence on first-time home buyers. However, many first-time buyers come from the rental market, where rental costs have risen dramatically in the last year, with rents rising by £1,120.

This, along with a chronic dearth of supply, which is presently down by a third, is encouraging more first-time buyers to purchase a property. In fact, first-time purchasers have shown to be extremely robust in 2022. We estimate that first-time purchasers who used a mortgage accounted for more than one-third of all transactions last year (34%).

This made them the most common type of home buyer, followed by existing homeowners who used a mortgage (31%), and cash buyers (25%).