Many FTBs teaming up to buy homes

Getting onto the property ladder continues to be a challenge for younger generations, as 63% of first-time buyer (FTB) mortgage completions¹ are in two or more names.

The cost of buying a home is significantly more expensive than a decade ago for the average FTB, who is 32 years old. For those purchasing their first home, deposits are an average of 67% higher than 10 years ago and house prices are up 86%. Despite the living wage going up to reflect inflation and the increased cost of living, the price of buying has risen disproportionately; the average salary is only 30% more than in 2013. It is therefore not surprising that FTBs need to team up to secure their first home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

¹ Lloyds