Property is a hot topic, especially with persistently high interest rates and record levels of inflation fueling interest. But this economic environment only serves to make getting on the property ladder even more difficult for first-time buyers.
With affordability as well as the supply of suitable properties posing particular challenges for first time buyers, Brandon and Sue speak to Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society.
Coventry has recently completed some detailed research into the first time buyer market in the UK and the results prove to be very interesting. Even though we are experiencing a 15-year high for mortgage interest rates and average mortgages are 6-7 times annual salaries, Jonathan still has a positive outlook for the future. As wage inflation starts to catch up, he is hopeful there will be a return to confidence in the sector.
Mortgages alone can be tricky to deal with at times, but even more so in what are challenging circumstances. This is why Jonathan stresses the importance of getting advice from a mortgage broker to help navigate what is, in most cases, the largest purchase you will ever make, your home! In particular, he emphasises the need to consider that, despite what many people think, price is not the only thing you need to take into account.
To take a look at the full report click here.
Listen to the full conversation below:
Click here to listen on Spotify
