Finance industry leaders are demanding radical moves to help first time buyers who are facing the worst time to buy a home in 70 years.
A report from the Building Societies Association argues planning rules should be torn up to prioritise building homes rather than controlling development. It said: 'Becoming a first-time buyer is expensive, possibly the most expensive it has been over last 70 years.'For example, the typical successful first-time buyer now needs a deposit of around £60,000 across the UK but the average ranges from £27,000 in the North East of England to £144,000
'Our analysis of UK Finance data suggests the average mortgage rate for first-time buyers rose from 2.2 per cent in March 2022 to 5.6 per cent in November 2023,' it said.repayments in March 2022 but by November 2023 the figure had hit 22.5 per cent.' The BSA 'First Time Buyer' study calls for a root and branch review of the mortgage market, property tax and planning regime.
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