Bad news first-home buyers, it’s probably the worst time to buy a house since 1957.
How can this be? Labour promised in 2017 they would build 100,000 affordable houses for first time home buyers.
“Given the increase in house prices during 2020 and 2021 and the lift in mortgage rates since the middle of last year, average first-home buyers currently face initial mortgage payments equal to 49% of their income. This figure is the highest on record, surpassing the previous records of 1987 and 2007,” Kiernan said.
Will get worse as interest rates rise more.