Analysis by Resolution Foundation finds young homeowners face average additional mortgage costs of £3,700 a year by 2026
Many recent first-time buyers also purchased a house at a time of record low interest rates – which were 0.25 per cent as recently as January 2022 – and many will see their budgets facing a big shock given the scale of interest rate rises under way.
These higher monthly mortgage costs over the coming years are set to more than double the lifetime interest costs incurred when buying a first-time property – from £67,000 to £145,000. This is almost double the lifetime cost of an FTB property bought in 1974 , or even as recently as 2000 , after adjusting for inflation.
With rents for new private tenancies rising by 10 to 12 per cent over the year to July 2022, many young people may not be able to increase their savings to take advantage of falling house prices.
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