First-time buyers spent just 19% of their income on mortgage payments in December due to rock bottom interest rates, the latest First-time Buyer Tracker from Your Move & Reeds Rains has found.
First-time buyers spent just 19% of their income on mortgage payments in December due to rock bottom interest rates, the latest First-time Buyer Tracker from Your Move & Reeds Rains has found.
Typical first-time buyer rates stood at 3.27% in December – the lowest average mortgage rate on record.
Adrian Gill, director of estate agents Your Move and Reeds Rains, said: “First-time buyers are enjoying sustained real-term increases to their salaries and that they are not burdening themselves with hefty mortgages for properties they will struggle to afford.
“Moreover, the Bank of England allaying fears in December – and in January – of any imminent rate rise has succeeded in keeping mortgage rates low. This is yet more welcome news for first-time buyers, for whom every pound in their pay packet counts.
“These are favourable conditions which first-time buyers will hopefully still be able to enjoy early on in 2016, provided they can shake off the last of the festive fuzz and focus their minds once more on setting foot on the property ladder.”
