Recent data from Nationwide highlights the percentage of a
first-time buyer’s take-home pay required to cover mortgage payments across the
UK. While these figures may seem high, it’s important to note that they are,
between 20% to 40% lower than in the late 1980s, when interest rates were
significantly higher. This offers some perspective, especially given the
challenges faced by first-time buyers in today’s Northampton property market.
Here is a breakdown of the data by region, starting with the highest:
- London:
60.4%
- South
East: 43.9%
- South
West: 41.8%
- East
Anglia: 35.7%
- West
Midlands: 33.8%
- East
Midlands: 33.2%
- Wales:
30.2%
- Northern
Ireland: 29.9%
- North
West: 28.8%
- Yorkshire
& Humber: 26.5%
- North
East: 23.0%
- Scotland:
22.4%
While affordability challenges persist, today’s first-time
buyers are faring better than those in the late 1980s. However, these figures
still highlight the financial commitment required to step onto the property
ladder, especially in high demand regions like London and the South East.
Are you a first-time buyer in Northampton? How are finding
things? Please share your thoughts in the comments
