Britons hoping to buy their first home face the most difficult conditions in 70 years, according to a new report released Monday.
First-time buyers are grappling with the twin challenges of historically high down payments and steep mortgage repayments, whereas many previous generations faced either one or the other, says the study by the Building Societies Association, a trade body whose members account for almost a quarter of all mortgage lending in the United Kingdom. “Becoming a first-time buyer is expensive, possibly the most expensive it has been over at least the last 70 years,” the BSA report says.
Then, about a year later, mortgage costs shot up again after then-Prime Minister Liz Truss unveiled her disastrous “mini-budget,” which included billions in unfunded tax cuts, sparking panic among bond traders over the sustainability of the UK’s public finances. . On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. That’s lower than the 15-year high of 6.85% hit in August last year, but still far above the 2.
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