The struggle to buy your first home
The combination of high rents and high house prices means getting enough put aside to buy a home is a real struggle. Now higher mortgage rates have added an extra hurdle.
For ages, trying to save enough for a deposit to buy that first home has been a total headache for so many people. High rents, alongside high house prices means getting enough put aside is a real struggle. Now higher mortgage rates have added an extra hurdle. Even if you’ve got your deposit together, loads more people are failing affordability checks for mortgages on properties they would have been able to manage 18 months ago.
In our latest 5 Minutes On podcast, the Βι¶ΉΤΌΕΔ's Cost of Living Correspondent, Colletta Smith, has been hearing first hand what it's like trying to buy your first home in the current economic climate.
Image Credit: Andy Rain/EPA-EFE/REX/Shutterstock
