Calculations by Rightmove suggest the average first-time buyer mortgage payment has risen by 61% since the last General Election year of 2019, from £667 to £1,075 per month
Rightmove also used average asking prices of a typical first-time buyer homes, with two bedrooms or fewer, for the research. Rises in mortgage rates as well as house prices have also had an impact on monthly mortgage costs. The Bank of England base rate remained on hold last week, but with Consumer Prices Index inflation having slowed to its 2% target, a base rate cut is still expected on the horizon.
Ipsos research carried out for Zoopla also found that helping first-time buyers onto the property ladder and controlling rent rises in the private sector rounded out the top five.