Majority of owners could not afford their house now

Analysis by data science company Outra shows that the majority of homeowners could not afford their house under today’s mortgage rates. The research looked at more than 30m households and found that just 0.9% of homeowners of working age could afford to buy their own home again now or expand into a larger property. It was also shown that in June 2023, just 5.9% could afford their home but only with more favourable mortgage terms – or with help from a shared ownership scheme. This compares to 22.3% in December 2022. Of those who could not afford to buy their home in the current market, 24% were aged 20-30, while 22% were between 50 and 60. 

The Daily Telegraph (24/08/2023)