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According to the Halifax First-Time Buyer Review 2021:
Esther Dijkstra, Mortgage Director at Halifax, said there were a number of factors influencing home buying decisions in 2021.
“The Stamp Duty holiday increased the availability of first-rung homes as others moved up the ladder. However, undoubtedly, the biggest drivers are the cost of homes and the need to save a significant deposit to get on the housing ladder.
In 2021, the increase in average house price to £264,140, combined with difficulties in raising a deposit, meant that the gap between purchase price and deposit widened in every region in the UK.”
The average price to earnings ratio for UK first-time buyers now stands at 6.9x. Affordability in all but three local authorities has fallen since 2011. In some authorities it has almost doubled, meaning affordability has halved. The least affordable local authority for FTBs is the London borough of Brent, where homes are 12.3x average earnings!
However, despite all the difficulties it would appear that the desire to own your own home remains as strong as ever in the UK.
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Granite Building Warranties is a company registered in England and Wales (Company Number 11497543) with its registered office at 1st Floor, 5 Century Court, Tolpits Lane, Watford, WD18 9PX