tall house prices relative to incomes mean a deposit is increasingly the barrier to first-time buyers making a purchaseOwning a home is as cheap as it’s ever been,so why aren’t more people buying? Thanks to low rates, the annual cost of repaying a mortgage is well within historic affordable levels, or with average repayments for first-time buyers equivalent to 18% of their gross annual income. That means owning with a mortgage is considerably cheaper than renting from a landlord,where rents consume up 34% of the average household’s income.
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Source: theguardian.com