Mortgage for average first-time property in Great Britain needs income of £37,096

Figures covering England, Scotland and Wales show problems of getting on housing ladder.

At first glance the housing market appears to be thriving: for sale signs are being replaced by sold signs more quickly than ever, estate agents are reporting a surge in the numbers of would-be buyers signing up and the prices properties are being listed at are continuing to climb.

Things may slow down as parts of the country go into lockdown and housing markets are effectively shut but record low interest rates combined with a stamp duty holiday are putting more money into the system.

However, for first-time buyers the picture is grim because rising prices and stagnant wages have made raising a mortgage a problem in some parts of the country.

“Restrictions on lending mortgages to first-time buyers mean thousands of households will face yet more years of renting while they save up the deposit they need,” says Dan Wilson Craw, the deputy director of the campaign group Generation Rent.

By Hilary Osborne, please read the full article on The Guardian.