More than a million first-time buyers delay purchasing

The cost-of-living crisis has forced more than a million first-time buyers to put their plans on hold, a new survey by Aviva has found. One in five of those surveyed said that the cost-of-living crisis and inflation were making buying a house unaffordable. The survey, focused on under 45s, found that 46% were not currently looking to buy but intended to do so in future. The survey also suggested that hopeful buyers may be underestimating the cost of a mortgage; they expected to take out a mortgage of £196,700 on average, with a £25,210 deposit, expecting a monthly mortgage payment of £718.60. However, put into a high street building society online mortgage calculator, these figures showed buyers could be underestimating their mortgage costs by up to 54%. 

Daily Mail (02/12/2022)