First-Time Buyer Mortgage Payments Have Jumped 61 Percent in 5 Years

The average first-time buyer mortgage payment has risen by 61 percent since the last UK general election in 2019, according to figures from property search website Rightmove on Monday. Over the last five years the mortgage payment for a typical first-time buyer home has risen from an average of £667 per month to £1,075 per month. Mortgage rates in the UK have steadily increased and remained at the highest rates since the global financial crisis of 2007–2008. The Rightmove data show the rise in average mortgage payments for first-time buyers has more than doubled wage growth in the UK, which increased by approximately 27 percent over the same time period....