A new study of the national profile of affordability, compiled for Hometrack, found that more than a quarter (28.3%) of young working households in Britain are unable to even access the lowest rungs of the property ladder in their local markets. The largest proportions in London (41%) and the South West (40%).
Rising mortgage rates before and after the credit crunch, along with strong house price growth, further increasing affordability pressure on first-time buyers. The study shows that the average loan fees for a first time buyer has increased by 12% over 2007, with the associated cost to earnings ratio for a first time buyer more than the now previous peak in 1990 (34.5% of earnings in 2007, compared with 3.1% in 1990).
The report also examines the cost of renting versus buying. It appears that, over almost the entire country, the cost of renting a home is significantly lower than the cost of buying one. Nationally, the cost of the lease is only 68% of the cost of buying a typical two / three-bedroom house.
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