Housing

Housing

Now is the worst time to be a first-time buyer since the 1980s. A combination of high mortgage rates and low house prices made 2023 the worst year for first-time buyer affordability since at least the mid-1980s.

With mortgage rates on the rise and house prices remaining low, first-time buyers are finding it increasingly difficult to enter the housing market. The high cost of borrowing coupled with the limited availability of affordable homes is creating a challenging environment for those looking to make their first property purchase.

As the housing market continues to be unaffordable for first-time buyers, it is crucial for individuals to explore alternative options such as shared ownership or government schemes that aim to assist individuals in getting onto the property ladder. Despite the current challenges, it is important to remain optimistic and informed about the ever-changing housing market.