A third of homes for sale are cheaper to buy than rent, with the average first-time buyer saving £93 a month on a mortgage instead of renting.
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Long term mortgages help to keep monthly repayments lower. But the overall interest you pay can amount to eye-watering sums.
The challenges facing first time buyers and uspizers right now all boil down to one thing: affordability. And buyers in the south of England are suffering the most on this front. Our Executive Director of Research, Richard Donnell, takes a look at what’s happening in the housing market.
The supply of homes for sale has hit a five year high with 20% more homes on the market compared to this time last year.
Buyer confidence is improving and 12% more homes are going under offer compared to this time last year. Mortgage approvals for home purchases are also up 32%.
Home buyers are currently facing an annual increase of £4,300 on their mortgage repayments, rising to £7,500 in London.
Seller discounts narrow in spring 2024 as more sales are agreed. Momentum is growing in the housing market and house prices don't need to fall further to support the continued recovery in sales.
Looking for a rental home that doesn’t cost an arm and a leg? Here’s your complete guide to the cheapest places to rent in the UK in 2024.
The average UK rent is now £1,223 after a +7.8% rise in the last year. Rents for new lets will rise more slowly this year, but only a major supply boost will help with rental affordability.
