Money Box
Money Box Live: Home Ownership Dreams
Mar 26, 2025
Emily Williams, Director of Residential Research at Savills, and Sarah Tucker, Founder of The Mortgage Mum, share valuable insights on the current housing market. They discuss how rising costs make homeownership daunting, especially for first-time buyers. The conversation covers the challenges of saving for deposits, navigating mortgage processes, and new stamp duty changes that leave some buyers disadvantaged. Their expert advice aims to empower potential homeowners, highlighting real-life stories of perseverance in achieving homeownership dreams.
28:27
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Quick takeaways
- Despite recent interest rate cuts, the cost for first-time buyers has risen significantly, making homeownership increasingly unattainable for many.
- Innovative mortgage solutions, such as the Track Record Mortgage and £5,000 deposit mortgage, offer critical support to those struggling to enter the housing market.
Deep dives
Challenges of Home Ownership
Despite the aspiration for home ownership promoted by politicians and banks, achieving this goal has become increasingly difficult for first-time buyers. Recent data shows that even with reduced interest rates, the cost of entering the housing market has risen, making it more expensive for buyers with lower deposits. Approximately 90% of potential buyers are struggling to afford homes in their local areas, highlighting the significant gap between rising house prices and stagnant incomes. This has led to a situation where individuals, like Ruth from Birmingham, feel behind as they save for a substantial deposit amidst these financial pressures.
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